Section: 362.0110 Federal Deposit Insurance Corporation subrogated to depositors' rights in closed state banks or trust companies. RSMO 362.110


Published: 2015

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Missouri Revised Statutes













Chapter 362

Banks and Trust Companies

←362.109

Section 362.110.1

362.111→

August 28, 2015

Federal Deposit Insurance Corporation subrogated to depositors' rights in closed state banks or trust companies.

362.110. In order that banks and trust companies doing a banking

business, organized under the laws of the state of Missouri and the

depositors thereof may have the same opportunity and enjoy the benefits of

the act of Congress known as "The Banking Act of 1933" in relation to the

insurance of deposits and all amendments thereto, as national banks, the

Federal Deposit Insurance Corporation shall, with like force and effect as if

the closed bank or trust company were a national bank, be subrogated to all

the rights against a closed bank or trust company of the owners of insured

deposits therein and shall be entitled to receive such dividends from the

proceeds of the assets of such closed bank or trust company as would have

been payable to the depositors, until the dividends shall equal the insured

deposit liability to the depositor; and the Federal Deposit Insurance

Corporation may, if it shall deem it expedient or necessary so to do, present

and procure the allowance of the claim or claims of any insured depositor or

depositors, or may require insured depositors to make due proof of their

claims or to assign their claims to the Federal Deposit Insurance

Corporation, or to do any other act which may be deemed necessary or

expedient to enable the Federal Deposit Insurance Corporation to fully avail

itself of the above right to subrogation.



(RSMo 1939 § 7949, A. 1949 H.B. 2085, A.L. 1967 p. 445)



Prior revisions: 1929 § 5354; 1919 § 11737







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