Title 7 Chapter 2

Title 7Financial Institutions Act (Download: PDF | RTF | WordPerfect)
Chapter 2Possession of Depository Institution by Commissioner (Download: PDF | RTF | WordPerfect)
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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.
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