Terms Used In Utah Code 7-19-1

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
       (5)(a) direct or exercise a controlling influence over:

            (5)(a)(i) the management or policies of a financial institution; or

            (5)(a)(ii) the election of a majority of the directors or trustees of an institution; or
       (5)(b) vote 25% or more of any class of voting securities of a financial institution. 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:
       (8)(a) holds or receives deposits, savings, or share accounts;
       (8)(b) issues certificates of deposit; or
       (8)(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
• Depository institution holding company: means :
            (9)(a)(i) a person other than an individual that:

                 (9)(a)(i)(A) has control over a depository institution; or

                 (9)(a)(i)(B) becomes a holding company of a depository institution under Section 7-1-703; or
            (9)(a)(ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103
• Failing or failed depository institution: means a depository institution under the jurisdiction of the department:
       (1)(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;
       (1)(b) that meets the requirements of Subsection 7-2-1(1)(l);
       (1)(c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2); or
       (1)(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:
       (2)(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;
       (2)(b) that meets the requirements of Subsection 7-2-1(1)(l);
       (2)(c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2);
       (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
       (2)(e) whose subsidiary depository institution is a failing or failed depository institution. See Utah Code 7-19-1
• Institution: means :
       (19)(a) a corporation;
       (19)(b) a limited liability company;
       (19)(c) a partnership;
       (19)(d) a trust;
       (19)(e) an association;
       (19)(f) a joint venture;
       (19)(g) a pool;
       (19)(h) a syndicate;
       (19)(i) an unincorporated organization; or
       (19)(j) any form of business entity. See Utah Code 7-1-103
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. 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
• Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
• Utah depository institution: means a depository institution whose home state is Utah. See Utah Code 7-1-103
• Utah depository institution holding company: means a depository institution holding company whose home state is Utah. See Utah Code 7-1-103