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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-2-18

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…

Source excerpt

adjournmentappealscourt hearingfiling deadlinesliquidationnoticepetition hearingplan approvalreorganizationtestimonywritten objections
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“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”

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Subsection 7-2-18(1)

If the commissioner has taken possession of an institution or person under the department’s jurisdiction, the commissioner may file a petition with the court to propose reorganization, liquidation, or creation of a new institution.

Section 7-2-18(1)

Subsection 7-2-18(2)

The court must set a hearing date and how notice will be given, may set a deadline for written objections, may adjourn the hearing without further notice, and must take testimony at the hearing or any adjournment.

Section 7-2-18(2)

Subsection 7-2-18(3)

A court-approved reorganization or liquidation plan is binding and finally resolves claims, rights, and interests covered by the plan.

Section 7-2-18(3)

Subsection 7-2-18(4)

A notice of appeal for an order approving a reorganization or liquidation plan must be filed within 10 days after the order is entered.

Section 7-2-18(4)

04

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Source record from le.utah.gov · Legal dates not recorded

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Showing 5 of 5 provisions

Provision 5
§ 7-2-18Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.Provision

Source excerpt

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 notice, must take testimony, and must approve the plan if it is in the best interests of depositors and other creditors.

Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals. If the commissioner has taken possession of any institution or other person under the jurisdiction of the department, the commissioner may propose to the court a plan for the reorganization or liquidation of the institution or the establishment of a new institution by filing a petition with the court, setting forth the details of the plan and requesting the court to set a day for hearing on the petition. The court shall make an order fixing a day for the hearing of the petition, prescribing the manner in which notice of the hearing is given, and may prescribe a deadline for filing written objections. The court may adjourn the hearing from time to time and no further notice is required. At the time of hearing or any adjournment of a hearing the court shall take testimony, and if it appears that it is in the best interests of the depositors and other creditors, the court shall approve the plan. A plan of reorganization or liquidation approved by the court shall be fully binding upon and constitute a final adjudication of all claims, rights, and interests of all depositors, creditors, shareholders, and members of the institution being reorganized or liquidated, and all other parties in interest with regard to the plan and with regard to any institution or other person receiving any assets or assuming any liabilities under the plan. Notice of an appeal of an order approving a plan of reorganization or liquidation shall be filed within 10 days after the date of entry of the order appealed from.
Section 7-2-18Verify source
§ 7-2-18(1)Subsection 7-2-18(1)Provision

Source excerpt

If the commissioner has taken possession of an institution or person under the department’s jurisdiction, the commissioner may file a petition with the court to propose reorganization, liquidation, or creation of a new institution.

If the commissioner has taken possession of any institution or other person under the jurisdiction of the department, the commissioner may propose to the court a plan for the reorganization or liquidation of the institution or the establishment of a new institution by filing a petition with the court, setting forth the details of the plan and requesting the court to set a day for hearing on the petition.
Section 7-2-18(1)Verify source
§ 7-2-18(2)Subsection 7-2-18(2)Provision

Source excerpt

The court must set a hearing date and how notice will be given, may set a deadline for written objections, may adjourn the hearing without further notice, and must take testimony at the hearing or any adjournment.

The court shall make an order fixing a day for the hearing of the petition, prescribing the manner in which notice of the hearing is given, and may prescribe a deadline for filing written objections. The court may adjourn the hearing from time to time and no further notice is required. At the time of hearing or any adjournment of a hearing the court shall take testimony, and if it appears that it is in the best interests of the depositors and other creditors, the court shall approve the plan.
Section 7-2-18(2)Verify source
§ 7-2-18(3)Subsection 7-2-18(3)Provision

Source excerpt

A court-approved reorganization or liquidation plan is binding and finally resolves claims, rights, and interests covered by the plan.

A plan of reorganization or liquidation approved by the court shall be fully binding upon and constitute a final adjudication of all claims, rights, and interests of all depositors, creditors, shareholders, and members of the institution being reorganized or liquidated, and all other parties in interest with regard to the plan and with regard to any institution or other person receiving any assets or assuming any liabilities under the plan.
Section 7-2-18(3)Verify source
§ 7-2-18(4)Subsection 7-2-18(4)Provision

Source excerpt

A notice of appeal for an order approving a reorganization or liquidation plan must be filed within 10 days after the order is entered.

Notice of an appeal of an order approving a plan of reorganization or liquidation shall be filed within 10 days after the date of entry of the order appealed from.
Section 7-2-18(4)Verify source

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