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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-18a-401, 1996

A foreign depository institution operating in this state through an agency or branch must keep its in-state business assets separate from its out-of-state business assets.

Source excerpt

agency or branch operationsasset prioritydepository institutions
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 1996
Dates
Enacted 1996
More statute details
Dates
Enacted 1996
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01

Purpose and legislative effect

“A foreign depository institution operating in this state through an agency or branch must keep its in-state business assets separate from its out-of-state business assets.”

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02

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  1. 01

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    Enacted 1996. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Separate assets.

A foreign depository institution operating in this state through an agency or branch must keep its in-state business assets separate from its out-of-state business assets.

Section 7-18a-401

Subsection 7-18a-401(1)

A foreign depository institution operating in Utah through an agency or branch must keep its in-state business assets separate from its out-of-state business assets.

Section 7-18a-401(1)

Subsection 7-18a-401(2)

Certain creditors of a foreign depository institution may have absolute preference and priority over out-of-state office creditors for assets in this state, if the claim arose from the agency or branch and is recorded on its books.

Section 7-18a-401(2)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Enacted 1996

In force

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Showing 3 of 3 provisions

Provision 3

Part 7-18a-4

part 7-18a-4 Operation

§ 7-18a-401Separate assets.Provision

Source excerpt

A foreign depository institution operating in this state through an agency or branch must keep its in-state business assets separate from its out-of-state business assets.

Separate assets. Each foreign depository institution authorized to transact business in this state through an agency or branch shall keep the assets of its business in this state separate and apart from the assets of its business outside this state. The creditors of a foreign depository institution authorized to transact business in this state through an agency or branch arising out of transactions with, and recorded on the books of, the agency or branch shall be entitled to absolute preference and priority over the creditors of the foreign depository institution's offices located outside this state with respect to the assets of the foreign depository institution in this state.
Section 7-18a-401Verify source
§ 7-18a-401(1)Subsection 7-18a-401(1)Provision

Source excerpt

A foreign depository institution operating in Utah through an agency or branch must keep its in-state business assets separate from its out-of-state business assets.

Each foreign depository institution authorized to transact business in this state through an agency or branch shall keep the assets of its business in this state separate and apart from the assets of its business outside this state.
Section 7-18a-401(1)Verify source
§ 7-18a-401(2)Subsection 7-18a-401(2)Provision

Source excerpt

Certain creditors of a foreign depository institution may have absolute preference and priority over out-of-state office creditors for assets in this state, if the claim arose from the agency or branch and is recorded on its books.

The creditors of a foreign depository institution authorized to transact business in this state through an agency or branch arising out of transactions with, and recorded on the books of, the agency or branch shall be entitled to absolute preference and priority over the creditors of the foreign depository institution's offices located outside this state with respect to the assets of the foreign depository institution in this state.
Section 7-18a-401(2)Verify source

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