39.58.070 - Subrogation of commission to depositor's rights -- Sums received from distribution of assets, payment. - Washington Statutes

Subrogation of commission to depositor's rights — Sums received from distribution of assets, payment.

Upon payment to any public depositor, the commission shall be subrogated to all of such depositor's right, title and interest against the public depositary in which the loss occurred and shall share in any distribution of its assets ratably with other depositors. Any sums received from any distribution shall be paid to the public depositors to the extent of any unpaid net deposit liability and the balance remaining shall be paid to the public depositaries against which assessments were made, pro rata in proportion to the assessments actually paid by each such depositary: PROVIDED, That the public depositary in which the loss occurred shall not share in any such distribution of the balance remaining. If the commission incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the public depositary in which the loss occurred.

[1996 c 256 § 7; 1973 c 126 § 13; 1969 ex.s. c 193 § 7.]