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Utah Code Title 7. Financial Institutions Act § 7-19-1. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in this chapter:

(1) “Failing or failed depository institution” means a depository institution under the jurisdiction of the department:

(a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;

(b) that meets the requirements of Subsection 7-2-1(1)(l);

(c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2); or

(d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner.

(2) “Failing or failed depository institution holding company” means a depository institution holding company under the jurisdiction of the department:

(a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;

(b) that meets the requirements of Subsection 7-2-1(1)(l);

(c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2);

(d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner; or

(e) whose subsidiary depository institution is a failing or failed depository institution.

(3) “Supervisory acquisition” means the acquisition of control, the acquisition of all or a portion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section 7-2-1, 7-2-12, or 7-2-18, of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, by:

(a) a Utah depository institution;

(b) an out-of-state depository institution;

(c) a Utah depository institution holding company; or

(d) an out-of-state depository institution holding company.

(4) “Supervisory merger” means the merger or consolidation, pursuant to Section 7-2-1, 7-2-12, or 7-2-18 of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, with:

(a) a Utah depository institution;

(b) an out-of-state depository institution;

(c) a Utah depository institution holding company; or

(d) an out-of-state depository institution holding company.

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Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-19-1. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-19-1/

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