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

Utah Statutes

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

Utah § 7-9-50

Title 7Financial Institutions Act

Ch. 7-9Utah Credit Union Act

This text of Utah § 7-9-50 (General limitation on liability.) 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. § 7-9-50 (2026).

Text

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.