Whenever any Vermont financial institution shall have been closed, and the Federal Deposit Insurance Corporation shall pay the insured deposit liabilities of such closed institution, such corporation, whether or not it shall have become a receiver of such closed financial institution, shall be subrogated to the extent of such payment to all rights of the owners of such deposits against such closed financial institution. The Superior judge shall by order define the manner and extent of such subrogation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)