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Can you summarize MORS 362.110?
Banks and Trust Companies > Federal Deposit Insurance Corporation subrogated to depositors' rights in closed state banks or trust companies.
Short Summary
This provision, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, grants the Federal Deposit Insurance Corporation (FDIC) the same rights as national banks in relation to the insurance of deposits. Specifically, when a bank or trust company in Missouri is closed, the FDIC is subrogated to the rights of the depositors and is entitled to receive dividends from the assets of the closed bank or trust company. The FDIC may present and allow the claims of insured depositors, require proof of claims, or request the assignment of claims to fully exercise its right to subrogation. This provision aims to ensure that depositors and banks in Missouri have the same opportunities and benefits as those provided by the Banking Act of 1933 and its amendments to national banks.
Whom does it apply to?
Depositors of closed state banks or trust companies in the state of Missouri
What does it govern?
Federal Deposit Insurance Corporation subrogated to depositors' rights in closed state banks or trust companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri