Missouri Laws 362.110 – Federal Deposit Insurance Corporation subrogated to depositors’ rights in ..
Terms Used In Missouri Laws 362.110
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means any corporation soliciting, receiving or accepting money, or its equivalent, on deposit as a business, whether the deposit is made subject to check, or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, and specifically a commercial bank chartered under this chapter or a national bank located in this state. See Missouri Laws 362.010
- 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
- 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
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
In order that banks and trust companies doing a banking business, organized under the laws of the state of Missouri and the depositors thereof may have the same opportunity and enjoy the benefits of the act of Congress known as “The Banking Act of 1933” in relation to the insurance of deposits and all amendments thereto, as national banks, the Federal Deposit Insurance Corporation shall, with like force and effect as if the closed bank or trust company were a national bank, be subrogated to all the rights against a closed bank or trust company of the owners of insured deposits therein and shall be entitled to receive such dividends from the proceeds of the assets of such closed bank or trust company as would have been payable to the depositors, until the dividends shall equal the insured deposit liability to the depositor; and the Federal Deposit Insurance Corporation may, if it shall deem it expedient or necessary so to do, present and procure the allowance of the claim or claims of any insured depositor or depositors, or may require insured depositors to make due proof of their claims or to assign their claims to the Federal Deposit Insurance Corporation, or to do any other act which may be deemed necessary or expedient to enable the Federal Deposit Insurance Corporation to fully avail itself of the above right to subrogation.