(1)  The commissioner may require any financial institution subject to the jurisdiction of the department that he finds to be or about to be in an unsafe or unsound condition to take corrective or remedial action as he considers appropriate to protect the interests of depositors, members, other creditors, and shareholders of the institution, and the general public.

Terms Used In Utah Code 7-1-313

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
  • Department: means the Department of Financial Institutions. See Utah Code 7-1-103
  • Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
  • Institution: means :
(a) a corporation;
(b) a limited liability company;
(c) a partnership;
(d) a trust;
(e) an association;
(f) a joint venture;
(g) a pool;
(h) a syndicate;
(i) an unincorporated organization; or
(j) any form of business entity. See Utah Code 7-1-103
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
    • (2)  An insurer of the accounts of a financial institution may make loans to, purchase the assets of, establish accounts in, or provide other assistance to a financial institution in order to correct or remedy an unsafe or unsound condition or to protect the interests of depositors, members, other creditors, and shareholders of the institution. This assistance is subject to approval by the commissioner.

    Amended by Chapter 267, 1989 General Session

      Previous section
    Next section  
     Part 3 Contents