Oregon Statutes 711.470 – Subrogation rights of Federal Deposit Insurance Corporation
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If any Oregon stock bank in which the deposits are to any extent insured by the Federal Deposit Insurance Corporation is closed for the purpose of liquidation without adequate provision being made for the payment of its depositors and if the Federal Deposit Insurance Corporation pays or makes available for payment the insured deposit liabilities of the closed insured Oregon stock bank, the Federal Deposit Insurance Corporation is subrogated to all rights against the closed insured Oregon stock bank of the owners of deposits to the extent of any payments made by the corporation to the depositors. [Amended by 1973 c.797 § 260; 1997 c.631 § 247]
Terms Used In Oregon Statutes 711.470
- 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.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.