Terms Used In Utah Code 7-19-3

• 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
• Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:

  (a)	holds or receives deposits, savings, or share accounts;

  (b)	issues certificates of deposit; or

  (c)

  provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103 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. See Utah Code 7-19-1 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. See Utah Code 7-19-1 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. See Utah Code 7-19-1 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. See Utah Code 7-19-1      The commissioner may waive any of the procedures of Section 7-1-705 or any regulation of the department if he considers it necessary to protect the interest of depositors, creditors, and other customers of a failing or failed depository institution or failing or failed depository institution holding company in a supervisory merger or a supervisory acquisition. Amended by Chapter 1, 1986 General Session   Previous section Next section    Chapter 19 Contents