Section 362.110

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 1967   

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

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

Prior revisions: 1929 § 5354; 1919 § 11737