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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-18a-502, 1996

The commissioner must transfer remaining assets after claims are fully paid, and the court must direct redistribution if other offices are in liquidation and short of funds.

Source excerpt

asset distributionasset transferclaims paymentinsolvency
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

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“The commissioner must transfer remaining assets after claims are fully paid, and the court must direct redistribution if other offices are in liquidation and short of funds.”

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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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Distribution of balance of assets.

The commissioner must transfer remaining assets after claims are fully paid, and the court must direct redistribution if other offices are in liquidation and short of funds.

Section 7-18a-502

Subsection 7-18a-502(3)

If a foreign depository institution has a liquidating office in another U.S. state and that office’s assets are insufficient, the court must order the commissioner to transfer remaining assets needed to cover the shortfall. If the insti…

Section 7-18a-502(3)

Subsection 7-18a-502(3)(a)

Notwithstanding Subsection (2) , if the foreign depository institution has an office in another state of the United States that is in liquidation and the assets of the office appear to be insufficient to pay in full the creditors of that

Section 7-18a-502(3)(a)

Subsection 7-18a-502(3)(b)

If a foreign depository institution has at least two offices in another state, and each office’s assets are insufficient while remaining assets are less than the total shortfalls, the court must order the commissioner to distribute the remaining assets…

Section 7-18a-502(3)(b)

04

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In force source record

Source record from le.utah.gov · Enacted 1996

In force

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Showing 6 of 6 provisions

Provision 6

Part 7-18a-5

part 7-18a-5 Possession of Foreign Depository Institutions by Commissioner

§ 7-18a-502Distribution of balance of assets.Provision

Source excerpt

The commissioner must transfer remaining assets after claims are fully paid, and the court must direct redistribution if other offices are in liquidation and short of funds.

Distribution of balance of assets. This section supersedes Subsection 7-2-15(3) . When the commissioner has paid claims of each depositor and creditor of the foreign depository institution's agency or branch in this state whose claims have been proved and allowed the full amount of the claim, the commissioner shall transfer any remaining assets to the foreign depository institution in accordance with orders issued by the court. Notwithstanding Subsection (2) , if the foreign depository institution has an office in another state of the United States that is in liquidation and the assets of the office appear to be insufficient to pay in full the creditors of that office, the court shall order the commissioner to transfer to the liquidator of that office the amount of any remaining assets as appears to be necessary to cover the insufficiency. If the foreign depository institution has two or more offices in a state other than this state and the assets of each office appear to be insufficient to pay in full the creditors of each office, and the amount of remaining assets is less than the aggregate amount of insufficiencies with respect to the offices, the court shall order the commissioner to distribute the remaining assets among the liquidators of the offices in a manner the court finds equitable.
Section 7-18a-502Verify source
§ 7-18a-502(1)Subsection 7-18a-502(1)Provision

Source excerpt

This section supersedes Subsection 7-2-15(3) .

This section supersedes Subsection 7-2-15(3) .
Section 7-18a-502(1)Verify source
§ 7-18a-502(2)Subsection 7-18a-502(2)Provision

Source excerpt

After all proved claims of depositors and creditors at the Utah agency or branch are paid in full, the commissioner must transfer any remaining assets to the foreign depository institution under court orders.

When the commissioner has paid claims of each depositor and creditor of the foreign depository institution's agency or branch in this state whose claims have been proved and allowed the full amount of the claim, the commissioner shall transfer any remaining assets to the foreign depository institution in accordance with orders issued by the court.
Section 7-18a-502(2)Verify source
§ 7-18a-502(3)Subsection 7-18a-502(3)Provision

Source excerpt

If a foreign depository institution has a liquidating office in another U.S. state and that office’s assets are insufficient, the court must order the commissioner to transfer remaining assets needed to cover the shortfall. If the institution has two or more offices in another state and all are short, but remaining assets are less than the total shortfalls, the court must order equitable distribution among the liquidators.

Notwithstanding Subsection (2) , if the foreign depository institution has an office in another state of the United States that is in liquidation and the assets of the office appear to be insufficient to pay in full the creditors of that office, the court shall order the commissioner to transfer to the liquidator of that office the amount of any remaining assets as appears to be necessary to cover the insufficiency. If the foreign depository institution has two or more offices in a state other than this state and the assets of each office appear to be insufficient to pay in full the creditors of each office, and the amount of remaining assets is less than the aggregate amount of insufficiencies with respect to the offices, the court shall order the commissioner to distribute the remaining assets among the liquidators of the offices in a manner the court finds equitable.
Section 7-18a-502(3)Verify source
§ 7-18a-502(3)(a)Subsection 7-18a-502(3)(a)Provision

Source excerpt

Notwithstanding Subsection (2) , if the foreign depository institution has an office in another state of the United States that is in liquidation and the assets of the office appear to be insufficient to pay in full the creditors of that

Notwithstanding Subsection (2) , if the foreign depository institution has an office in another state of the United States that is in liquidation and the assets of the office appear to be insufficient to pay in full the creditors of that office, the court shall order the commissioner to transfer to the liquidator of that office the amount of any remaining assets as appears to be necessary to cover the insufficiency.
Section 7-18a-502(3)(a)Verify source
§ 7-18a-502(3)(b)Subsection 7-18a-502(3)(b)Provision

Source excerpt

If a foreign depository institution has at least two offices in another state, and each office’s assets are insufficient while remaining assets are less than the total shortfalls, the court must order the commissioner to distribute the remaining assets equitably among the offices’ liquidators.

If the foreign depository institution has two or more offices in a state other than this state and the assets of each office appear to be insufficient to pay in full the creditors of each office, and the amount of remaining assets is less than the aggregate amount of insufficiencies with respect to the offices, the court shall order the commissioner to distribute the remaining assets among the liquidators of the offices in a manner the court finds equitable.
Section 7-18a-502(3)(b)Verify source

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