Utah Code 7-2-2. Action to review the commissioner’s actions — Supervision of actions of commissioner in possession — Authority of commissioner and court
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(1) Before taking possession of an institution or other person under the commissioner‘s jurisdiction, or within a reasonable time after taking possession of an institution or other person without court order, as provided in this chapter, the commissioner shall bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to provide the court with supervisory jurisdiction to review the actions of the commissioner.
Terms Used In Utah Code 7-2-2
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- 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.
- 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
- Person: means :
(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. 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
- Receivership: means the administration and management of the affairs of an institution subject to the jurisdiction of the department to conserve, preserve, and properly dispose of the assets, liabilities, and revenues of an institution in possession, 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
(2)(2)(a) The actions of the commissioner are subject to review of the court.(2)(b) The court may:(2)(b)(i) hear all objections to the actions of the commissioner; and(2)(b)(ii) rule upon all motions and actions coming before the court.(2)(c) Standing to seek review of any action of the commissioner or any receiver or liquidator appointed by the commissioner is limited to persons whose rights, claims, or interests in the institution would be adversely affected by the action.(3)(3)(a) The authority of the commissioner under this chapter is of an administrative and not judicial receivership.(3)(b) The court may not overrule a determination or decision of the commissioner if it is not arbitrary, capricious, fraudulent, or contrary to law.(3)(c) If the court overrules an action of the commissioner, the matter shall be remanded to the commissioner for a new determination by the commissioner, and the new determination shall be subject to court review.