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 § 7-3-20

Title 7Financial Institutions Act

Ch. 7-3Banks

This text of Utah § 7-3-20 (Bank acquiring, holding, or accepting as collateral its own stock.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 7-3-20 (2026).

Text

(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.

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(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.