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6,137 statutes · page 285 of 307
United States — Utah legislation
20 statutes shown from 6,137 source-backed records
The commissioner may waive procedures or department regulations if needed to protect the interests of depositors, creditors, and other customers in a supervisory merger or acquisition involving a failing or failed depository institution or holding company.
An acquired depository institution, acquired depository institution holding company, or the resulting merger institution keeps the rights, powers, and privileges of a comparable institution and may acquire control of, merge with, acquire assets of, or assume liabilities of a Utah depository institution or holding compa
Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner. The commissioner may not authorize or require any transaction pursuant to Section 7-19-2 unless the commissioner determines that: the
Transferred assets must be taken free of avoided/disallowed liens and unperfected liens, except for expressly assumed items, and remain subject to allowed perfected liens.
The commissioner may adopt rules to implement this chapter and must report certain supervisory acquisitions or mergers to the governor and Legislature by January 10 each year. The commissioner is also protected from civil liability, penalties, and criminal prosecution for good-faith judgment or discretion errors under
Supervisory actions by commissioner -- Grounds -- Mergers or acquisitions authorized by commissioner -- Possession of business and property taken by commissioner. An institution under the jurisdiction of the department is subject to
The commissioner or an appointed receiver or liquidator must prepare duplicate inventories, claims lists, supplemental claims lists, and a final report, file the required copies with the commissioner’s office and the court clerk, keep the accounting and claims records open for inspection, and file objections to reports
Special counsel -- Employment by attorney general. Upon taking possession of any institution or other person subject to the jurisdiction of the department, the commissioner may request the attorney general to employ special counsel on the
Powers of commissioner in possession -- Sale of assets -- Postpossession financing -- New deposit instruments -- Executory contracts -- Transfer of property -- Avoidance of transfers -- Avoidable preferences -- Setoff. Upon taking
The commissioner must deposit liquidation money from time to time in one or more federally insured depository institutions organized under state law; if the institution is suspended or insolvent, those deposits are preferred over all other deposits.
The commissioner may recover certain expenses during possession or proceedings, but compensation and expense payments need court approval and cannot be paid from the institution’s property until an account is filed and approved.
Priority of obligations, expenses, and claims -- Distribution of balance of assets. The following obligations, expenses, and claims have the following priority: first, any obligation the commissioner may have under Subsection 7-2-6(3)(b)
The commissioner may pay interim ratable dividends after claims are due and before a final dividend, using remaining funds after expenses, subject to priorities under Section 7-2-15 and court directions on amount and notice.
After an institution is liquidated under this chapter, the commissioner must dispose of its books, papers, and records according to the court’s order.
If the commissioner has taken possession of an institution or other person under the department’s jurisdiction, the commissioner may ask the court to hear a reorganization or liquidation plan. The court must set the hearing, give notice, may set a deadline for written objections, may adjourn the hearing without further
The commissioner may, with the governor’s approval, order supervised institutions to suspend payment of liabilities, subject to specified exceptions and time limits.
The commissioner must file a court action before, or soon after, taking possession of an institution or other person in certain cases so the court can review the commissioner’s actions.
Actions of the commissioner under this chapter or Chapter 19 are not subject to the Utah Procurement Code.
If an institution or other person under the department’s jurisdiction is run by a federal deposit insurance agency or its appointee in receivership or conservatorship for 180 days or more, its authority to transact business under this title ends when the 180-day period expires.
Limitation of action -- Tolling of period. If applicable law, an order entered in any proceeding, any cause of action arising under this chapter, or an agreement, fixes a period within which the institution, the commissioner, or any
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