7-19-1. Definitions.
377 words·~2 min read·
/ut/title-7/chapter-19/7-19-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/13/2014
7-19-1. Definitions.
As used in this chapter:
(1)"Failing or failed depository institution" means a depository institution under the jurisdiction of the department:
(a)regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through
(k)exist;
(b)that meets the requirements of Subsection 7-2-1(1)(l) ;
(c)whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2) ; or
(d)which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner .
(2)"Failing or failed depository institution holding company" means a depository institution holding company under the jurisdiction of the department:
(a)regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through
(k)exist;
(b)that meets the requirements of Subsection 7-2-1(1)(l) ;
(c)whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2) ;
(d)which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner ; or
(e)whose subsidiary depository institution is a failing or failed depository institution.
(3)"Supervisory acquisition" means the acquisition of control, the acquisition of all or a portion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section 7-2-1 , 7-2-12 , or 7-2-18 , of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, by:
(a)a Utah depository institution;
(b)an out-of-state depository institution;
(c)a Utah depository institution holding company; or
(d)an out-of-state depository institution holding company.
(4)"Supervisory merger" means the merger or consolidation, pursuant to Section 7-2-1 , 7-2-12 , or 7-2-18 of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, with:
(a)a Utah depository institution;
(b)an out-of-state depository institution;
(c)a Utah depository institution holding company; or
(d)an out-of-state depository institution holding company.
Amended by Chapter 189 , 2014 General Session