35-1203. Subrogation of administrator to depositor's rights; distribution of assets; payment
On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of the depositor's rights, title and interest against the depository that is in default or insolvent and shall share in any distribution of the defaulting or insolvent depository's assets ratably with other depositors. The sums received from any distribution shall be paid to the other eligible depositories against which assessments were made, in proportion to those assessments, after any proper payment or expense of the administrator in enforcing the claim is paid.
Section: Previous 35-1002 35-1003 35-1004 35-1005 35-1101 35-1201 35-1202 35-1203 35-1204 35-1205 35-1206 35-1207 35-1208 35-1209 35-1210 NextLast modified: October 13, 2016