Utah Code 7-9-50. General limitation on liability
Current as of: 2023 | Check for updates
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A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its 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, supervisory committee member, credit committee member, 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 |
(a) | Chapter 9, Utah Credit Union Act; or |
(b) | 12 U. See Utah Code 7-1-103 |
(2) | the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members. |
Enacted by Chapter 200, 1994 General Session