The Florida Senate

657.261  Effect of paid claims.--

(1)  Any claimant recovering under this part shall be deemed to have assigned all of his or her rights or interest in his or her shares or deposits with the insolvent member credit union to the corporation, to the extent of the claimant's recovery from the corporation. Every claimant seeking the protection of this act shall fully cooperate with the corporation and the receiver or liquidator to the same extent as such person would have been required to cooperate with the insolvent credit union. The corporation shall have the same cause of action as the insolvent credit union would have had if such sums had been paid by the insolvent credit union.

(2)  The receiver, liquidator, or statutory successor of an insolvent credit union shall be bound by settlements of covered claims paid by the corporation. The court, department, or liquidator having jurisdiction shall grant such claims a priority equal to that, and in an amount, to which the claimant would have been entitled in the absence of this act against the assets of the insolvent credit union. The administrative expenses of the corporation in handling claims shall be accorded the same priority as the liquidator's administrative expenses. Such administrative expenses of the corporation and of the liquidator shall be accorded first priority in the settlement of all claims against any credit union which goes into voluntary liquidation or which is placed in involuntary liquidation by order of the department.

(3)  The corporation shall periodically file with the receiver or liquidator of the insolvent credit union statements of all of the covered claims paid by the corporation, along with estimates of anticipated claims on the corporation, which shall preserve the rights of the corporation against the assets of the insolvent credit union.

History.--s. 13, ch. 74-183; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 10, ch. 78-123; ss. 4, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 11, 12, ch. 91-17; ss. 1, 3, ch. 91-307; s. 4, ch. 91-429; s. 539, ch. 97-102.