7-9-50 - General limitation on liability. - Utah Statutes

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Statutes > Utah > Title-07 > Chapter-09 > 7-9-50

7-9-50. General limitation on liability.
A director, supervisory committee member, credit committee member, or officer is notliable to the credit union, its members, its depositors, any conservator or receiver, or any assigneeor successor-in-interest thereof, for any action taken, or any failure to take any action, as adirector, supervisory committee member, credit committee member, or officer, as the case maybe, unless:
(1) he has breached or failed to perform the duties of the office in compliance with thistitle; and
(2) the breach or failure to perform constitutes gross negligence, willful misconduct, orintentional infliction of harm on the credit union or its members.

Enacted by Chapter 200, 1994 General Session

State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-09 > 7-9-50

7-9-50. General limitation on liability.
A director, supervisory committee member, credit committee member, or officer is notliable to the credit union, its members, its depositors, any conservator or receiver, or any assigneeor successor-in-interest thereof, for any action taken, or any failure to take any action, as adirector, supervisory committee member, credit committee member, or officer, as the case maybe, unless:
(1) he has breached or failed to perform the duties of the office in compliance with thistitle; and
(2) the breach or failure to perform constitutes gross negligence, willful misconduct, orintentional infliction of harm on the credit union or its members.

Enacted by Chapter 200, 1994 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-09 > 7-9-50

7-9-50. General limitation on liability.
A director, supervisory committee member, credit committee member, or officer is notliable to the credit union, its members, its depositors, any conservator or receiver, or any assigneeor successor-in-interest thereof, for any action taken, or any failure to take any action, as adirector, supervisory committee member, credit committee member, or officer, as the case maybe, unless:
(1) he has breached or failed to perform the duties of the office in compliance with thistitle; and
(2) the breach or failure to perform constitutes gross negligence, willful misconduct, orintentional infliction of harm on the credit union or its members.

Enacted by Chapter 200, 1994 General Session