2006 Utah Code - 7-7-2 — Definitions.

     7-7-2.   Definitions.
     As used in this chapter:
     (1) "Association" means a mutual or capital stock savings association, a savings and loan association, a mutual or capital stock savings bank, or a building and loan association subject to the provisions of this chapter, including all out-of-state associations qualified to do business in this state.
     (2) "Federal association" means a savings association, a savings and loan association, or a 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 the aggregate do not have a fair value equal to the aggregate amount of liabilities of the association to 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 insured by 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 as security for indebtedness. Any deposits in a financial institution under the control or in the possession of any supervisory authority shall not be considered as liquid assets. Liquid assets also 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 National Mortgage Association, any federal home loan bank, or this state, which obligations will mature in five 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 estate in any state held in fee or in a leasehold, and any transaction out of which a lien or its equivalent is created against real estate, including the purchase of real estate in fee by an association and the concurrent 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 which consist of originating, purchasing, selling, or servicing loans and participating interests therein, or clerical, bookkeeping, accounting, statistical, or other similar functions or any combination thereof performed primarily for financial institutions, plus such other activities as the commissioner may approve.
     (10) "Supervisor" means the supervisor of savings and loan associations.
     (11) "Surplus" means the aggregate amount of the undistributed net income of an association held as undivided profits or unallocated reserves for general corporate purposes, and any paid-in surplus held by an association.
     (12) "Withdrawal value" means the amount credited to a savings account less lawful deductions, as shown by the records of the association.

Amended by Chapter 49, 1995 General Session