Utah Code 7-2-23. Limitation of action — Tolling of period

(1)

If applicable law, an order entered in any proceeding, any cause of action arising under this chapter, or an agreement, fixes a period within which the institution, the commissioner, or any receiver or liquidator appointed under Section 7-2-9 may commence an action, and the period has not expired before the date of possession by the commissioner, the receiver or liquidator may commence an action only before the later of:

Terms Used In Utah Code 7-2-23

Commissioner: means the Commissioner 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

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

Liquidator: means a person, agency, or instrumentality of this state or the United States appointed to conduct a liquidation. See Utah Code 7-1-103

Receiver: means a person, agency, or instrumentality of this state or the United States appointed to administer and manage an institution subject to the jurisdiction of the department in receivership, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103

Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.

(a)

the end of the period;

(b)	three years after the date of appointment of a receiver or liquidator under Section 7-2-9; or

(c)	three years after the date of possession by the commissioner.

(2)	No statute of limitations as to any cause of action against an officer or director of a depository institution begins to run as to the commissioner or any receiver or liquidator appointed under Section 7-2-9 until the date the commissioner takes possession of the institution under this chapter.

Enacted by Chapter 267, 1989 General Session

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