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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-50

Covered credit union officeholders are generally not liable for actions or omissions taken in that role, except in cases of breach of duty with gross negligence, willful misconduct, or intentional harm.

Source excerpt

credit union governanceofficeholder liability
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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Professional statute overview

Enactment structure, operative effect and source provenance

Official source

01

Purpose and legislative effect

“Covered credit union officeholders are generally not liable for actions or omissions taken in that role, except in cases of breach of duty with gross negligence, willful misconduct, or intentional harm.”

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02

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  1. 01

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  2. 02

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03

Research entry points

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General limitation on liability.

Covered credit union officeholders are generally not liable for actions or omissions taken in that role, except in cases of breach of duty with gross negligence, willful misconduct, or intentional harm.

Section 7-9-50

Subsection 7-9-50(1)

This text refers to a director, supervisory committee member, credit committee member, or officer who has breached or failed to perform the duties of office in compliance with this title.

Section 7-9-50(1)

Subsection 7-9-50(2)

The text states that a breach or failure to perform may constitute gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.

Section 7-9-50(2)

04

Source and current-law status

In force source record

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

In force

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Official record

Source-indexed provision map

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Showing 3 of 3 provisions

Provision 3
§ 7-9-50General limitation on liability.Provision

Source excerpt

Covered credit union officeholders are generally not liable for actions or omissions taken in that role, except in cases of breach of duty with gross negligence, willful misconduct, or intentional harm.

General limitation on liability. A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action taken, or any failure to take any action, as a director, supervisory committee member, credit committee member, or officer, as the case may be, unless: the director, supervisory committee member, credit committee member, or officer has breached or failed to perform the duties of the office in compliance with this title; and the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.
Section 7-9-50Verify source
§ 7-9-50(1)Subsection 7-9-50(1)Provision

Source excerpt

This text refers to a director, supervisory committee member, credit committee member, or officer who has breached or failed to perform the duties of office in compliance with this title.

the director, supervisory committee member, credit committee member, or officer has breached or failed to perform the duties of the office in compliance with this title; and
Section 7-9-50(1)Verify source
§ 7-9-50(2)Subsection 7-9-50(2)Provision

Source excerpt

The text states that a breach or failure to perform may constitute gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.

the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.
Section 7-9-50(2)Verify source

Legislative relationships

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  • Undated version · currentEnglish · In force

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Statute information is organised from identified legislative sources for professional research. Corrections can be reported to hello@esheria.ai.