2015 Utah Code
Title 7 - Financial Institutions Act
Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies
Section 1 - Definitions.

Effective 5/13/2014
7-19-1. Definitions.
As used in this chapter:

• (1) "Failing or failed depository institution" means a depository institution under the jurisdiction of the department:
  • (a) regarding which the commissioner makes a finding that any of the conditions set forth in 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 commissioner pursuant to Subsection 7-2-1(2); or
  • (d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner.

• (2) "Failing or failed depository institution holding company" means a depository institution holding company under the jurisdiction of the department:
  • (a) regarding which the commissioner makes a finding that any of the conditions set forth in 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 commissioner pursuant to Subsection 7-2-1(2);
  • (d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner; 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 a portion of the assets, or the assumption of all or a portion of the liabilities, 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 depository 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 depository institution 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 189, 2014 General Session