Possession of Depository Institution by Commissioner

  1. Law
  2. Utah Code
  3. Financial Institutions Act
  4. Possession of Depository Institution by Commissioner

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Section
1

Supervisory actions by commissioner -- Grounds -- Mergers or acquisitions authorized by commissioner -- Possession of business and property taken by commissioner.

Section
2

Jurisdiction of district court -- Supervision of actions of commissioner in possession -- Authority of commissioner and court.

Section
3

Action for injunction against commissioner in possession -- Procedure -- Appeal.

Section
4

Consent required for institution to resume business.

Section
5

Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.

Section
6

Possession by commissioner -- Notice -- Presentation, allowance, and disallowance of claims -- Objections to claims.

Section
7

Stay of proceedings against institution -- Relief.

Section
8

Special deputies or agents -- Appointment -- Bond.

Section
9

Conservatorship, receivership, or liquidation of institution -- Appointment of receiver -- Review of actions.

Section
10

Inventory of assets -- Listings of claims -- Report of proceedings -- Filing -- Inspection.

Section
11

Special counsel -- Employment by attorney general.

Section
12

Powers of commissioner in possession -- Sale of assets -- Postpossession financing -- New deposit instruments -- Executory contracts -- Transfer of property -- Avoidance of transfers -- Avoidable preferences -- Setoff.

Section
13

Collections in liquidation -- Deposit -- Preference.

Section
14

Expenses during possession.

Section
15

Priority of obligations, expenses, and claims -- Distribution of balance of assets.

Section
16

Interim ratable dividends.

Section
17

Disposition of records after liquidation.

Section
18

Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.

Section
19

Suspension of payments by institution -- Order of commissioner -- Approval of governor -- Period effective -- Exempt payments -- Operation during suspension -- Modification of orders -- Adoption of rules and regulations.

Section
21

Applicability of Utah Procurement Code.

Section
22

Termination of authority to transact business.

Section
23

Limitation of action -- Tolling of period.