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Code · Connecticut · Title 36a — The Banking Law of Connecticut · CHAPTER 665a — Deposits

Sec. 36a-335. (Formerly Sec. 36-388). Subrogation of commissioner to depositor's rights.

91 words·~1 min read·/ct/title-36a/chapter-665a-deposits/36a-335·

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Upon payment to any public depositor, the commissioner shall be subrogated to all of such depositor's right, title and interest against the depository 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. If the commissioner incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the depository in which the loss occurred.
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