Utah § 7-3-20 Bank acquiring, holding, or accepting as collateral its own stock.

Utah Statutes

§ 7-3-20 — Bank acquiring, holding, or accepting as collateral its own stock.

Utah·Title 7 Financial Institutions Act·Ch. 7-3 Banks

(1)A bank may not accept as collateral or acquire its own stock except when the taking of the collateral or acquisition of the stock is necessary to prevent loss upon a debt previously contracted in good faith.

(2)If a bank acquires stock as permitted under Subsection (1), the bank shall sell the stock within 12 months from the date of the bank's acquisition.

(3)The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.

Free access — add to your briefcase to read the full text and ask questions with AI

(1) A bank may not accept as collateral or acquire its own stock except when the taking of the collateral or acquisition of the stock is necessary to prevent loss upon a debt previously contracted in good faith.
(2) If a bank acquires stock as permitted under Subsection (1), the bank shall sell the stock within 12 months from the date of the bank's acquisition.
(3) The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.

Utah § 7-3-20 (Bank acquiring, holding, or accepting as collateral its own stock.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.