CHAPTER 231 - FEDERAL DEPOSIT INSURANCE CORPORATION

AN ACT SUBROGATING TO A CERTAIN EXTENT AND UNDER CERTAIN CIRCUMSTANCES THE FEDERAL DEPOSIT INSURANCE CORPORATION TO THE RIGHTS OF DEPOSITORS IN CLOSED BANKS OR TRUST COMPANIES

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly Met (two-thirds of all the members elected to each House concurring therein):

Section 1. Whenever a receiver has been appointed by the Chancellor of this State for a bank or trust company in this State and the Federal Deposit Insurance Corporation shall pay or make available for payment to such receiver the insured deposit liabilities of such closed institution, the said Federal Deposit Insurance Corporation shall be subrogated to all the rights against such closed institution of the owners of such insured deposits in the same manner and to the same extent as if said owners had lawfully assigned to said Federal Deposit Insurance Corporation so much or such of their deposits as the Federal Deposit Insurance Corporation has paid or is ready to pay to said receiver.

Approved March 25, 1935