LegalFix
Sign In

Section 13-4-302 - Federal Deposit Insurance Corporation as Receiver, Liquidator or Subrogee.

WY Stat § 13-4-302 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

13-4-302. Federal deposit insurance corporation as receiver, liquidator or subrogee.

(a) The state banking commissioner may designate the federal deposit insurance corporation to act without bond as receiver or liquidator of any bank whose deposits are insured by the corporation and which has been closed for the purpose of liquidation without adequate provision being made for the payment of its depositors. The corporation may exercise all the powers of the state banking commissioner in connection with the liquidation of banks.

(b) If any bank closes and the federal deposit insurance corporation pays the insured deposit liabilities of the bank, the corporation is subrogated to all rights against the closed bank of each owner of a claim for deposit to the extent necessary to enable the federal deposit insurance corporation, under federal law, to make insurance payments available to depositors of closed insured banks. The subrogation is limited to the amount paid to each depositor by the federal deposit insurance corporation.

Previous Section
Section 13-4-301 - Notice to State Banking Commissioner.
Next Section
Section 13-4-303 - When Bank Taken Possession Of; Resumption of Business.