76-6-512. Acceptance of deposit by insolvent financial institution.

226 words·~1 min read·/ut/title-76/chapter-6/76-6-512

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/3/2023

(a)As used in this section, "financial institution" means the same as that term is defined in Section 7-1-103 .

(b)Terms defined in Section 76-1-101.5 apply to this section.

(2)An actor commits acceptance of a deposit by an insolvent financial institution if:

(a)as an officer, manager, or other person participating in the direction of a financial institution, as defined in Section 7-1-103 , the actor receives or permits receipt of a deposit or other investment knowing that the institution is or is about to become unable, from any cause, to pay its obligations in the ordinary course of business; and

(b)the actor knows that the person making the payment to the institution is unaware of such present or prospective inability.

(3)A violation of Subsection

(2)is a third degree felony.

(4)This section may not be construed to impose criminal or civil liability on any law enforcement officer acting within the scope of a criminal investigation.

(5)The forfeiture of property under this section, including any seizure and disposition of the property and any related judicial or administrative proceeding, shall be conducted in accordance with Title 77, Chapter 11a, Seizure of Property and Contraband , through Chapter 11c, Retention of Evidence .

Amended by Chapter 111 , 2023 General Session