Vermont Statutes Title 8 Sec. 19307
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Terms Used In Vermont Statutes Title 8 Sec. 19307
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
§ 19307. Subrogation
Whenever any Vermont financial institution shall have been closed, and the Federal Deposit Insurance Corporation shall pay the insured deposit liabilities of such closed institution, such corporation, whether or not it shall have become a receiver of such closed financial institution, shall be subrogated to the extent of such payment to all rights of the owners of such deposits against such closed financial institution. The Superior judge shall by order define the manner and extent of such subrogation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)