Section 6455 - Liquidation proceedings(a) In order to provide for prompt payment and satisfaction of the net claims of depositors of members of PDIC of which the Secretary of Banking has taken possession as receivers, PDIC shall advance to the Secretary of Banking, as receiver, upon written requests, such moneys as may be required to pay or otherwise satisfy claims in full of each depositor to the extent of the coverage provided by the Federal Deposit Insurance Corporation or any other Federal agency authorized by law to insure deposits; except that a depositor who holds accounts with the private bank in receivership in separate capacities shall be deemed to be a different depositor in each capacity. PDIC shall, if necessary, advance to the secretary, as receiver, upon written request, moneys to cover administration expenses as defined in the "Department of Banking Code." To the extent that moneys are advanced by PDIC to the secretary to pay the claims of depositors or administration expenses, PDIC shall be subrogated to the claims of such depositors with the rights and priorities provided by law.
(b) Except as otherwise provided in this section, nothing in this section shall limit the right of any depositor to establish by formal proof such claims as such persons may have to payment, without resort to moneys advanced by PDIC.1978, Oct. 5, P.L. 1088, No. 255, § 5, effective in 60 days.