7-8-15 - Bad debts. - Utah Statutes

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Statutes > Utah > Title-07 > Chapter-08 > 7-8-15

7-8-15. Bad debts.
(1) All demand and matured debts due to any industrial bank on which interest is pastdue and has not been paid for a period of six months, unless they are well secured and in theprocess of collection, are considered bad debts and shall be charged off to the profit and lossaccount.
(2) The industrial bank shall maintain in its files documentation to support its evaluationof the security and monthly reports of its collection efforts and a plan of collection.

Amended by Chapter 92, 2004 General Session

State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-08 > 7-8-15

7-8-15. Bad debts.
(1) All demand and matured debts due to any industrial bank on which interest is pastdue and has not been paid for a period of six months, unless they are well secured and in theprocess of collection, are considered bad debts and shall be charged off to the profit and lossaccount.
(2) The industrial bank shall maintain in its files documentation to support its evaluationof the security and monthly reports of its collection efforts and a plan of collection.

Amended by Chapter 92, 2004 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-08 > 7-8-15

7-8-15. Bad debts.
(1) All demand and matured debts due to any industrial bank on which interest is pastdue and has not been paid for a period of six months, unless they are well secured and in theprocess of collection, are considered bad debts and shall be charged off to the profit and lossaccount.
(2) The industrial bank shall maintain in its files documentation to support its evaluationof the security and monthly reports of its collection efforts and a plan of collection.

Amended by Chapter 92, 2004 General Session