State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-19 > 7-19-1

7-19-1. Definitions.
As used in this chapter:
(1) "Failing or failed depository institution" means a depository institution under thejurisdiction of the department:
(a) regarding which the commissioner makes a finding that any of the conditions set forthin Subsections 7-2-1(1)(a) through (k) exist;
(b) that meets the requirements of Subsection 7-2-1(1)(l);
(c) whose shareholders have consented to a supervisory action by the commissionerpursuant to Subsection 7-2-1(2); or
(d) which is in the possession of the commissioner, or any receiver or liquidatorappointed by the commissioner, pursuant to Chapter 2.
(2) "Failing or failed depository institution holding company" means a depositoryinstitution holding company under the jurisdiction of the department:
(a) regarding which the commissioner makes a finding that any of the conditions set forthin Subsections 7-2-1(1)(a) through (k) exist;
(b) that meets the requirements of Subsection 7-2-1(1)(l);
(c) whose shareholders have consented to a supervisory action by the commissionerpursuant to Subsection 7-2-1(2);
(d) which is in the possession of the commissioner, or any receiver or liquidatorappointed by the commissioner, pursuant to Chapter 2; or
(e) whose subsidiary depository institution is a failing or failed depository institution.
(3) "Supervisory acquisition" means the acquisition of control, the acquisition of all or aportion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section7-2-1, 7-2-12, or 7-2-18, of a failing or failed depository institution or a failing or faileddepository institution holding company, whether or not in the possession of the commissioner, by:
(a) a Utah depository institution;
(b) an out-of-state depository institution;
(c) a Utah depository institution holding company; or
(d) an out-of-state depository institution holding company.
(4) "Supervisory merger" means the merger or consolidation, pursuant to Section 7-2-1,7-2-12, or 7-2-18 of a failing or failed depository institution or a failing or failed depositoryinstitution holding company, whether or not in the possession of the commissioner, with:
(a) a Utah depository institution;
(b) an out-of-state depository institution;
(c) a Utah depository institution holding company; or
(d) an out-of-state depository institution holding company.

Amended by Chapter 49, 1995 General Session