There Is a Newer Version of the Utah Code
  1. 2025 Utah Code
  2. 2024 Utah Code
  3. 2023 Utah Code
  4. 2014 Utah Code (here)
  5. View All Versions
View Our Newest Version Here

2014 Utah Code
Title 7 - Financial Institutions Act
Chapter 2 - Possession of Depository Institution by Commissioner
Section 3 - Action for injunction against commissioner in possession -- Procedure -- Appeal.

Universal Citation:
UT Code ยง 7-2-3 (2014)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
7-2-3. Action for injunction against commissioner in possession -- Procedure -- Appeal.
(1)
(a) 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 to enjoin further proceedings.
(b) After ordering the commissioner to show cause why further proceedings should not be enjoined and after hearing the allegations and proofs of the parties and determining the facts, the court may:
(i) dismiss the application; or
(ii) enjoin the commissioner from further proceedings if the court finds the taking to be arbitrary, capricious, an abuse of discretion, or otherwise contrary to law.
(c) If the court enjoins further proceedings, it shall order the commissioner to surrender possession of the institution in a manner and on terms designated by the court in the public interest.
(d) Notice of any hearings shall be given to persons designated by the court in the manner designated by the court.
(2) An appeal may be taken by the commissioner, a receiver, or liquidator appointed by the commissioner under Section 7-2-9, or by the institution from the judgment of the court as provided by law. An appeal from the judgment does not stay any judgment in favor of the commissioner, or a receiver or liquidator appointed by him. If the appeal is taken by the commissioner, or by a receiver or liquidator appointed by him, no bond is required. If the appeal is taken by the institution, a bond is required as provided by the Utah Rules of Civil Procedure.


Amended by Chapter 200, 1994 General Session
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.