Upon payment to any public depositor, the commissioner shall be subrogated to all of such depositor's right, title and interest against the depository in which the loss occurred and shall share in any distribution of its assets ratably with other depositors. Any sums received from any distribution shall be paid to the public depositors to the extent of any unpaid net deposit liability. If the commissioner incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the depository in which the loss occurred.
Conn. Gen. Stat. § 36a-335
(Formerly Sec. 36-388). Subrogation of commissioner to depositor's rights
Known as the Deposit Account Contract Act
The act spans §§ 36–36 (43 sections).
(1967, P.A. 517, S. 7; P.A. 77-614, S. 159, 610; P.A. 91-245, S. 6.) History: P.A. 77-614 replaced references to Public Deposit Protection Commission with references to banking …
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.