Skip to main content
Find a Lawyer

Rhode Island General Laws Title 42. State Affairs and Government § 42-116-32. Corporation's right to subrogation

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Any depositor who receives payments under this chapter is deemed to have assigned to the corporation all rights, claims, and causes of action which he or she may have (1) against any eligible institution, (2) against any officers, directors, employees, or agents of the institution, and (3) against any person who performs or who has performed any financial audit or examination of the institution or who performs or who has performed other professional services for the institution, to the extent and in the full amount of those payments. The corporation may require the execution of a document evidencing and setting forth the terms of the aforesaid assignment, as a condition precedent to his or her receipt of payments under this chapter.

(b) The subrogation rights of the corporation under this section shall have the same priority against the assets of the eligible institution or any of the other persons listed in subsection (a) as that possessed 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 eligible institution, (ii) any officers, directors, employees, or agents of the institution, or (iii) any person who performs or who has performed any financial audit or examination of the institution or who performs or who has performed other professional services for the institution, for any losses, of any nature whatsoever, in excess of the amount of the payments received by the depositor from the corporation under this chapter; or

(2) To extinguish, diminish, change, or affect the civil liability or the criminal culpability of (i) any eligible institution, (ii) any officers, directors, employees or agents of any eligible institution, or (iii) any person who performs or who has performed any financial audit or examination of an institution or who performs or who has performed other professional services for an institution.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Rhode Island General Laws Title 42. State Affairs and Government § 42-116-32. Corporation's right to subrogation - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-42-state-affairs-and-government/ri-gen-laws-sect-42-116-32/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard