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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-8-15

An industrial bank must charge off certain overdue demand and matured debts as bad debts, unless they are well secured and being collected, and must keep supporting collection and security records.

Source excerpt

bad debtscharge-offloan collectionrecordkeeping
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“An industrial bank must charge off certain overdue demand and matured debts as bad debts, unless they are well secured and being collected, and must keep supporting collection and security records.”

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02

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Bad debts.

An industrial bank must charge off certain overdue demand and matured debts as bad debts, unless they are well secured and being collected, and must keep supporting collection and security records.

Section 7-8-15

Subsection 7-8-15(1)

An industrial bank must charge off certain demand or matured debts as bad debts when interest has been past due and unpaid for six months, unless the debts are well secured and being collected.

Section 7-8-15(1)

Subsection 7-8-15(2)

The industrial bank must keep documentation in its files to support its evaluation of the security, its monthly collection-efforts reports, and its plan of collection.

Section 7-8-15(2)

04

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In force source record

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

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Showing 3 of 3 provisions

Provision 3
§ 7-8-15Bad debts.Provision

Source excerpt

An industrial bank must charge off certain overdue demand and matured debts as bad debts, unless they are well secured and being collected, and must keep supporting collection and security records.

Bad debts. All demand and matured debts due to any industrial bank on which interest is past due and has not been paid for a period of six months, unless they are well secured and in the process of collection, are considered bad debts and shall be charged off to the profit and loss account. The industrial bank shall maintain in its files documentation to support its evaluation of the security and monthly reports of its collection efforts and a plan of collection.
Section 7-8-15Verify source
§ 7-8-15(1)Subsection 7-8-15(1)Provision

Source excerpt

An industrial bank must charge off certain demand or matured debts as bad debts when interest has been past due and unpaid for six months, unless the debts are well secured and being collected.

All demand and matured debts due to any industrial bank on which interest is past due and has not been paid for a period of six months, unless they are well secured and in the process of collection, are considered bad debts and shall be charged off to the profit and loss account.
Section 7-8-15(1)Verify source
§ 7-8-15(2)Subsection 7-8-15(2)Provision

Source excerpt

The industrial bank must keep documentation in its files to support its evaluation of the security, its monthly collection-efforts reports, and its plan of collection.

The industrial bank shall maintain in its files documentation to support its evaluation of the security and monthly reports of its collection efforts and a plan of collection.
Section 7-8-15(2)Verify source

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