2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 2 - Insurance of Bank Deposits
Section 58-2-4 - Subrogation of federal corporation.]

Whenever any banking institutions shall have been closed as aforesaid, and said federal deposit insurance corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed banking institutions, as herein provided, shall be subrogated to all rights against such closed banking institution of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is provided for in Subsection (1) of Section 12B of said Federal Reserve Act, as amended (being Section 8 of said "Banking Act of 1933") in the case of the closing of a national bank: provided, that the rights of depositors and other creditors of such closed institutions shall be determined in accordance with the applicable provisions of the laws of this state.

History: Laws 1935, ch. 16, § 4; 1941 Comp., § 50-1104; 1953 Comp., § 48-11-4.

Compiler's notes. — Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 777.

Liability of Federal Deposit Insurance Corporation for interest in respect of insured deposit, 153 A.L.R. 532.

9 C.J.S. Banks and Banking §§ 203, 209, 210, 405.