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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-3-20

A bank may not take or hold its own stock as collateral or acquire it, unless needed to prevent loss on a debt previously contracted in good faith.

Source excerpt

bankingcapital adequacycollateralcorporate equityown stocksecurities disposal
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“A bank may not take or hold its own stock as collateral or acquire it, unless needed to prevent loss on a debt previously contracted in good faith.”

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02

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Subsection 7-3-20(1)

A bank may not accept its own stock as collateral or acquire it, except when needed to prevent loss on a debt previously contracted in good faith.

Section 7-3-20(1)

Subsection 7-3-20(2)

If a bank acquires stock under Subsection (1), it must sell the stock within 12 months of the acquisition.

Section 7-3-20(2)

Subsection 7-3-20(3)

The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.

Section 7-3-20(3)

04

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In force source record

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

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Showing 4 of 4 provisions

Provision 4
§ 7-3-20Bank acquiring, holding, or accepting as collateral its own stock.Provision

Source excerpt

A bank may not take or hold its own stock as collateral or acquire it, unless needed to prevent loss on a debt previously contracted in good faith.

Bank acquiring, holding, or accepting as collateral its own stock. 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. 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. The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.
Section 7-3-20Verify source
§ 7-3-20(1)Subsection 7-3-20(1)Provision

Source excerpt

A bank may not accept its own stock as collateral or acquire it, except when needed to prevent loss on a debt previously contracted in good faith.

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.
Section 7-3-20(1)Verify source
§ 7-3-20(2)Subsection 7-3-20(2)Provision

Source excerpt

If a bank acquires stock under Subsection (1), it must sell the stock within 12 months of the acquisition.

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.
Section 7-3-20(2)Verify source
§ 7-3-20(3)Subsection 7-3-20(3)Provision

Source excerpt

The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.

The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.
Section 7-3-20(3)Verify source

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