Utah Code 7-3-25. Bad debts
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 7-3-25
- Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
All demand and matured debts due to any bank on which interest is past due and has not been paid for a period of six months, unless they are well secured and in process of collection, are considered bad debts and shall be charged off to the reserve for loan losses account.
Amended by Chapter 200, 1994 General Session