7-9-50. General limitation on liability.
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/ut/title-7/chapter-9/7-9-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
7-9-50. 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:
(1)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
(2)the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.
Amended by Chapter 302 , 2025 General Session