§ 42-116-32 - Corporation's right to subrogation.
SECTION 42-116-32
§ 42-116-32 Corporation's right tosubrogation. – (a) Any depositor who receives payments under this chapter is deemed to haveassigned to the corporation all rights, claims, and causes of action which heor she may have (1) against any eligible institution, (2) against any officers,directors, employees, or agents of the institution, and (3) against any personwho performs or who has performed any financial audit or examination of theinstitution or who performs or who has performed other professional servicesfor the institution, to the extent and in the full amount of those payments.The corporation may require the execution of a document evidencing and settingforth the terms of the aforesaid assignment, as a condition precedent to his orher receipt of payments under this chapter.
(b) The subrogation rights of the corporation under thissection shall have the same priority against the assets of the eligibleinstitution or any of the other persons listed in subsection (a) as thatpossessed by the depositor entitled to receive payments under this chapter.
(c) Nothing in this section shall be construed:
(1) To extinguish, diminish, abrogate or assign any rights,claims or causes of action which a depositor may have against (i) any eligibleinstitution, (ii) any officers, directors, employees, or agents of theinstitution, or (iii) any person who performs or who has performed anyfinancial audit or examination of the institution or who performs or who hasperformed other professional services for the institution, for any losses, ofany nature whatsoever, in excess of the amount of the payments received by thedepositor from the corporation under this chapter; or
(2) To extinguish, diminish, change, or affect the civilliability or the criminal culpability of (i) any eligible institution, (ii) anyofficers, directors, employees or agents of any eligible institution, or (iii)any person who performs or who has performed any financial audit or examinationof an institution or who performs or who has performed other professionalservices for an institution.