§ 5-614. Rights of Federal Deposit Insurance Corporation

Latest version.

   (a) Powers as receiver. -- If the Federal Deposit Insurance Corporation is receiver of a banking institution, the Corporation may:

   (1) Operate the trust department of the institution; and

   (2) Liquidate the institution as provided in this subtitle or under federal law.

(b) Subrogation. --

   (1) This subsection applies whether or not the Federal Deposit Insurance Corporation is the receiver of the banking institution.

   (2) If the Federal Deposit Insurance Corporation pays the insured deposit liabilities of a banking institution, it is subrogated to the rights of the depositors against the institution to the same extent as it would be subrogated to the rights of the depositors against a closed national banking association under federal law.

   (3) The rights of the depositors and creditors of the banking institution are governed by the laws of this State.

HISTORY: An. Code 1957, art. 11, § 17A, 85; 1980, ch. 33, § 2.

                    
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