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Utah Code Title 7. Financial Institutions Act § 7-2-3. Action for injunction against commissioner in possession--Procedure--Appeal

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

(1)(a) Whenever any institution or other person of which the commissioner has taken possession considers itself aggrieved by the taking, it may within 10 days after the taking apply to the court to enjoin further proceedings.

(b) After ordering the commissioner to show cause why further proceedings should not be enjoined and after hearing the allegations and proofs of the parties and determining the facts, the court may:

(i) dismiss the application; or

(ii) enjoin the commissioner from further proceedings if the court finds the taking to be arbitrary, capricious, an abuse of discretion, or otherwise contrary to law.

(c) If the court enjoins further proceedings, it shall order the commissioner to surrender possession of the institution in a manner and on terms designated by the court in the public interest.

(d) Notice of any hearings shall be given to persons designated by the court in the manner designated by the court.

(2) An appeal may be taken by the commissioner, a receiver, or liquidator appointed by the commissioner under Section 7-2-9, or by the institution from the judgment of the court as provided by law. An appeal from the judgment does not stay any judgment in favor of the commissioner, or a receiver or liquidator appointed by him. If the appeal is taken by the commissioner, or by a receiver or liquidator appointed by him, no bond is required. If the appeal is taken by the institution, a bond is required as provided by the Utah Rules of Civil Procedure.

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Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-2-3. Action for injunction against commissioner in possession--Procedure--Appeal - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-2-3/

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