Utah § 7-9-50 General limitation on liability.

Utah Statutes

§ 7-9-50 — General limitation on liability.

Utah·Title 7 Financial Institutions Act·Ch. 7-9 Utah Credit Union Act

A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action taken, or any failure to take any action, as a director, supervisory committee member, credit committee member, or officer, as the case may be, unless:

(1)the director, supervisory committee member, credit committee member, or officer has breached or failed to perform the duties of the office in compliance with this title; and

(2)the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.

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A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action taken, or any failure to take any action, as a director, supervisory committee member, credit committee member, or officer, as the case may be, unless:
(1) the director, supervisory committee member, credit committee member, or officer has breached or failed to perform the duties of the office in compliance with this title; and
(2) the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.

Utah § 7-9-50 (General limitation on liability.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.