35-1203. Subrogation of administrator to depositor's rights; distribution of assets; payment
95 words·~1 min read·
/az/title-35/35-1203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of the depositor's rights, title and interest against the depository that is in default or insolvent and shall share in any distribution of the defaulting or insolvent depository's assets ratably with other depositors. The sums received from any distribution shall be paid to the other eligible depositories against which assessments were made, in proportion to those assessments, after any proper payment or expense of the administrator in enforcing the claim is paid.