Statutes > Virginia Statutes > Title 6.1 - BANKING AND FINANCE. > Chapter 2 - Banking Act (6.1-3 thru 6.1-125) > 6.1-110.12 - (Repealed effective October 1, 2010) Subrogation to rights of bank depositors.

6.1-110.12 - (Repealed effective October 1, 2010) Subrogation to rights of bank depositors.

§ 6.1-110.12. (Repealed effective October 1, 2010) Subrogation to rights ofbank depositors.

Whenever the FDIC pays or makes available for payment the insured depositliabilities of a closed bank, the FDIC, whether or not it acts as receiver,shall be subrogated to all rights of depositors against the closed bank tothe same extent as subrogation is provided for by the Federal DepositInsurance Act, 12 USC § 1811 et seq., in the case of a national bank.

(1983, c. 507.)