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
Top
Missouri General Assembly
Copyright © Missouri Legislature, all rights reserved.