Rhode Island § 42-116-32 - Rhode Island Depositors Economic Protection Corporation

§ 42-116-32. Corporation’s right to subrogation.

(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.