Subrogation

(1) When the Corporation pays compensation to an insured depositor, the Corporation, to the extent of the compensation paid, shall subrogate to the rights, interests, remedies and obligation of26 (a) the insured depositor against the Fund member; and (b) the beneficiary or client, if the payment was made to an insured depositor as a trustee for a named beneficiary or for a client in a client account.