State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-07 > 7-7-2

7-7-2. Definitions.
As used in this chapter:
(1) "Association" means a mutual or capital stock savings association, a savings and loanassociation, a mutual or capital stock savings bank, or a building and loan association subject tothe provisions of this chapter, including all out-of-state associations qualified to do business inthis state.
(2) "Federal association" means a savings association, a savings and loan association, ora savings bank, chartered by the Office of Thrift Supervision or successor federal agency.
(3) "Impaired condition" means a condition in which the assets of an association in theaggregate do not have a fair value equal to the aggregate amount of liabilities of the associationto its creditors, including the holders of its savings accounts and all other persons.
(4) "Insured association" means an association the deposit accounts of which are insuredby the Federal Deposit Insurance Corporation or any successor agency of the federal government.
(5) "Liquid assets" means cash on hand and cash on deposit in federal home loan banks,federal reserve banks, state banks performing similar reserve functions, or in commercial banks,which cash is withdrawable upon not more than 30 days notice and which is not pledged assecurity for indebtedness. Any deposits in a financial institution under the control or in thepossession of any supervisory authority may not be considered as liquid assets. Liquid assetsalso means obligations of, or obligations that are fully guaranteed as to principal and interest by,the United States, the Federal National Mortgage Association, the Government NationalMortgage Association, any federal home loan bank, or this state, which obligations will mature infive years or less, and any other assets readily convertible into cash.
(6) "Out-of-state association" means an association whose home state is not Utah.
(7) "Real estate loan" means any loan or other obligation secured by a lien on real estatein any state held in fee or in a leasehold, and any transaction out of which a lien or its equivalentis created against real estate, including the purchase of real estate in fee by an association and theconcurrent or immediate sale of the real estate on installment contract.
(8) "Savings liability" means the aggregate amount of savings accounts of depositors,including earnings credited to those accounts, less redemptions and withdrawals.
(9) "Service organization" means an organization substantially all the activities of whichconsist of originating, purchasing, selling, or servicing loans and participating interests therein,or clerical, bookkeeping, accounting, statistical, or other similar functions or any combinationthereof performed primarily for financial institutions, plus such other activities as thecommissioner may approve.
(10) "Supervisor" means the supervisor of savings and loan associations.
(11) "Surplus" means the aggregate amount of the undistributed net income of anassociation held as undivided profits or unallocated reserves for general corporate purposes, andany paid-in surplus held by an association.
(12) "Withdrawal value" means the amount credited to a savings account less lawfuldeductions, as shown by the records of the association.

Amended by Chapter 378, 2010 General Session