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.
ORS 711.470
Applied in 1 court decision — leading case Federal Deposit Insurance v. Former Officers & Directors of Metropolitan Bank (1987)
Most recently applied in Federal Deposit Insurance v. Former Officers & Directors of Metropolitan Bank (November 1987)
Amended by 1973 c.797 §260; 1997 c.631 §247
Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.