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Current as of January 01, 2024 | Updated by FindLaw Staff
(1) A bank may not accept as collateral or acquire its own stock except when the taking of the collateral or acquisition of the stock is necessary to prevent loss upon a debt previously contracted in good faith.
(2) If a bank acquires stock as permitted under Subsection (1), the bank shall sell the stock within 12 months from the date of the bank's acquisition.
(3) The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.
Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-3-20. Bank acquiring, holding, or accepting as collateral its own stock - last updated January 01, 2024 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-3-20.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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