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I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 40.44
Disposition versions

Full text
40.44. A bridge institution that assumes a liability in relation to a deposit of money that is not entirely guaranteed by the Authority is subrogated pleno jure in all the rights of the depositor against the deposit institution with which the deposit was made for the entire deposit.
Despite the first paragraph of article 1658 of the Civil Code, the depositor may not exercise his or her rights against the deposit institution belonging to the cooperative group, unless the bridge institution receives an amount equal to the non-guaranteed part of the deposit.
2018, c. 23, s. 376.
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