Virginia Code 6.2-936: Subrogation to rights of bank depositors
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Whenever the FDIC pays, or makes available for payment, the insured deposit liabilities of a closed bank, the FDIC, whether or not it acts as receiver, shall be subrogated to all rights of depositors against the closed bank to the same extent as subrogation is provided for by the Federal Deposit Insurance Act (12 U.S.C. § 1811 et seq.) in the case of a national bank.
Terms Used In Virginia Code 6.2-936
- Bank: means any bank or trust company organized under the laws of the Commonwealth. See Virginia Code 6.2-925
- FDIC: means the Federal Deposit Insurance Corporation. See Virginia Code 6.2-800
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
1983, c. 507, § 6.1-110.12; 2010, c. 794.