Indiana § 5-13-13-3 - Payment of amount determined; subrogation of board; distribution of assets of closed depository
Full text of Indiana Indiana Code § 5-13-13-3 — Payment of amount determined; subrogation of board; distribution of assets of closed depository, with citation guidance and answers to common questions.
§ 5-13-13-3. Payment of amount determined; subrogation of board; distribution of assets of closed depository
Sec. 3. (a) Whenever the decision of the attorney general and state comptroller has become final, or whenever a court of competent jurisdiction as provided in section 2 of this chapter has determined the amount payable from the insurance fund on account of public funds deposited in the closed depository, the board for depositories shall, subject to IC 5-13-12-8(c), cause the amount to be paid to the treasurer or public officer out of the insurance fund.
(b) After payment is made under subsection (a), the board, on behalf of the public deposit insurance fund, is then subrogated to all of the right, title, and interest of the depositor of the public funds for the amount of the depository's claim against any federal deposit insurance agency and against the closed depository. The board is so subrogated to the extent that the insurance fund has paid the loss not reimbursed by the insurance. The board is entitled to share in the distribution of the assets of the closed depository on the basis ratably with other depositories, but the insurance fund shall be paid in full before any distribution is made on account of public funds not insured under the terms of this chapter. The board shall pay any sum or sums received from any distribution into the insurance fund.
As added by P.L.19-1987, SEC.15. Amended by P.L.9-2024, SEC.144.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-13-13-3
What does Indiana Code § 5-13-13-3 cover?
Section 5-13-13-3 ("Payment of amount determined; subrogation of board; distribution of assets of closed depository") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 5-13-13-3?
A common citation format is "Indiana Code § 5-13-13-3" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 5-13-13-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.