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

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 abanking business, organized under the laws of the state ofMissouri and the depositors thereof may have the same opportunityand enjoy the benefits of the act of Congress known as "TheBanking Act of 1933" in relation to the insurance of deposits andall amendments thereto, as national banks, the Federal DepositInsurance Corporation shall, with like force and effect as if theclosed bank or trust company were a national bank, be subrogatedto all the rights against a closed bank or trust company of theowners of insured deposits therein and shall be entitled toreceive such dividends from the proceeds of the assets of suchclosed bank or trust company as would have been payable to thedepositors, until the dividends shall equal the insured depositliability to the depositor; and the Federal Deposit InsuranceCorporation may, if it shall deem it expedient or necessary so todo, present and procure the allowance of the claim or claims ofany insured depositor or depositors, or may require insureddepositors to make due proof of their claims or to assign theirclaims to the Federal Deposit Insurance Corporation, or to do anyother act which may be deemed necessary or expedient to enablethe Federal Deposit Insurance Corporation to fully avail itselfof the above right to subrogation.

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

Prior revisions: 1929 § 5354; 1919 § 11737