Utah Code 7-22-109. Priority of claims in case of insolvency
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Terms Used In Utah Code 7-22-109
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Commissioner: means the Commissioner 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
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement. See Utah Code 7-22-101
- Escrow agent: means a person that provides or offers to provide escrow services to the public. See Utah Code 7-22-101
- 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
If the commissioner takes possession of the business and property of the escrow agent in accordance with Title 7, Chapter 2, Possession of Depository Institution by Commissioner, or if the escrow agent files or is involuntarily placed into bankruptcy, or if a receiver, conservator, or liquidator is appointed to administer the affairs of the escrow agent, the claims of persons for losses relating to funds or property held in escrow shall have the same priority as claims of depositors in Section 7-2-15.