Title 7, Title 7: Financial Institutions Act

7-2-13. Collections in liquidation -- Deposit -- Preference. The money collected in process of a liquidation by the commissioner shall be from time to time deposited, subject to the commissioner's order as herein provided, in one or more federally insured depository institutions …

7-2-14. Expenses during possession. The expenses reimbursable to the commissioner during possession or in the course of proceedings under this chapter include the compensation of deputies, agents, clerks, and examiners employed by the commissioner and reasonable fees for counsel,…

7-2-15. Priority of obligations, expenses, and claims -- Distribution of balance of assets. (1) The following obligations, expenses, and claims have the following priority: first, any obligation the commissioner may have under Subsectionto be bound by the terms, covenants, and co…

7-2-16. Interim ratable dividends. At any time after the expiration of the date fixed for the presentation of claims and prior to the declaration of a final dividend the commissioner may, out of the funds remaining in the commissioner's hands after the payment of expenses, declar…

7-2-17. Disposition of records after liquidation. After liquidation of an institution under this chapter, the commissioner shall dispose of its books, papers, and records in accordance with the order of the court.

7-2-18. Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals. (1) If the commissioner has taken possession of any institution or other person under the jurisdiction of the department, the commissioner may propose to the court a plan f…

7-2-19. Suspension of payments by institution -- Order of commissioner -- Approval of governor -- Period effective -- Exempt payments -- Operation during suspension -- Modification of orders -- Adoption of rules and regulations. (1) The commissioner, whenever in the commissioner'…

7-2-2. Action to review the commissioner's actions -- Supervision of actions of commissioner in possession -- Authority of commissioner and court. (1) Before taking possession of an institution or other person under the commissioner's jurisdiction, or within a reasonable time aft…

7-2-21. Applicability of Utah Procurement Code. No action of the commissioner taken under this chapter or, is subject to the provisions of.

7-2-22. Termination of authority to transact business. If an institution or other person subject to the jurisdiction of the department is operated by a federal deposit insurance agency or its appointee pursuant to a federal receivership or conservatorship for a period of 180 days…

7-2-23. Limitation of action -- Tolling of period. (1) If applicable law, an order entered in any proceeding, any cause of action arising under this chapter, or an agreement, fixes a period within which the institution, the commissioner, or any receiver or liquidator appointed un…

7-2-3. Action for injunction against commissioner in possession -- Procedure -- Appeal. (1) Whenever any institution or other person of which the commissioner has taken possession considers itself aggrieved by the taking, it may within 10 days after the taking apply to the court …

7-2-4. Consent required for institution to resume business. The institution or other person may resume business only with the consent of and upon conditions approved by the commissioner. The commissioner may give the commissioner's consent to resumption of business if arrangement…

7-2-5. Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession. (1) A receiver may not be appointed by any court and a deed or assignment for the benefit of creditors may not be filed in a court within this state for any institutio…

7-2-6. Possession by commissioner -- Notice -- Presentation, allowance, and disallowance of claims -- Objections to claims. (1) Possession of an institution by the commissioner commences when notice of taking possession is: posted in each office of the institution located in this…

7-2-7. Stay of proceedings against institution -- Relief. (1) Except as otherwise specified, a taking of an institution or other person by the commissioner or a receiver or liquidator appointed by the commissioner under this chapter operates as a stay of the commencement or conti…

7-2-8. Special deputies or agents -- Appointment -- Bond. The commissioner may appoint one or more special deputies or agents to assist the commissioner in the proceedings. The commissioner may fix the compensation of any agent appointed to assist the commissioner. The commission…

7-2-9. Conservatorship, receivership, or liquidation of institution -- Appointment of receiver -- Review of actions. (1) Upon taking possession of the institution, the commissioner may appoint a receiver to perform the duties of the commissioner. Subject to any limitations, condi…