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2025 Utah Code
Title 7 - Financial Institutions Act
Chapter 3 - Banks
Section 20 - Bank acquiring, holding, or accepting as collateral its own stock.
Universal Citation:
UT Code § 7-3-20 (2025)
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Effective 5/13/2014
7-3-20. Bank acquiring, holding, or accepting as collateral its own stock.
Amended by Chapter 97, 2014 General Session
7-3-20. Bank acquiring, holding, or accepting as collateral its own stock.
- (1) A bank may not accept as collateral or acquire its own stock except when the taking of the collateral or acquisition of the stock is necessary to prevent loss upon a debt previously contracted in good faith.
- (2) If a bank acquires stock as permitted under Subsection (1), the bank shall sell the stock within 12 months from the date of the bank's acquisition.
- (3) The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.
Amended by Chapter 97, 2014 General Session
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