2006 Utah Code - 7-7-3.2 — General limitation on liability.

     7-7-3.2.   General limitation on liability.
     A director or officer is not liable to the association, its stockholders, members, or depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action taken, or any failure to take any action, as a director or officer, as the case may be, unless:
     (1) he has breached or failed to perform the duties of the office in compliance with this title; and
     (2) the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the association, its stockholders, members, or depositors.

Enacted by Chapter 200, 1994 General Session