Utah Code
Utah Code § 7-19-1 (2026)
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✓ laws through the 2026 General Session (checked Sept. 2026)
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As used in this chapter:
"Failing or failed depository institution" means a depository institution under the jurisdiction of the department:
regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;
that meets the requirements of Subsection 7-2-1(1)(l);
whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2); or
which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner.
"Failing or failed depository institution holding company" means a depository institution holding company under the jurisdiction of the department:
regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;
that meets the requirements of Subsection 7-2-1(1)(l);
whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2);
which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner; or
whose subsidiary depository institution is a failing or failed depository institution.
"Supervisory acquisition" means the acquisition of control, the acquisition of all or a portion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section 7-2-1, 7-2-12, or 7-2-18, of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, by:
a Utah depository institution;
an out-of-state depository institution;
a Utah depository institution holding company; or
an out-of-state depository institution holding company.
"Supervisory merger" means the merger or consolidation, pursuant to Section 7-2-1, 7-2-12, or 7-2-18 of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, with:
a Utah depository institution;
an out-of-state depository institution;
a Utah depository institution holding company; or
an out-of-state depository institution holding company.
Amended by Chapter 189, 2014 General Session
Notes of Decisions
Cited in 3
cases, 1990–1998 · leading case: Brown v. Moore, 973 P.2d 950 (Utah 1998).
Brown v. Moore, 973 P.2d 950 (Utah 1998). “” At that time, Western Heritage was a “failing depository institution” under Utah Code Ann. § 7-19-1 (1) and was losing approximately $30,000 per month.”
Brown v. Weis, 871 P.2d 552 (Utah Ct. App. 1994). “FACTS 2 In late 1984, the Department of Financial Institutions of Utah (the Department) determined that Western Heritage Thrift and Loan Company (Western Heritage), a Utah chartered industrial loan corporation, was a “failing depository institution” within the meaning of Utah…”
Sutton v. Fed. Deposit Ins., 750 F. Supp. 481 (D. Utah 1990). “On December 30, 1988, the Commissioner, pursuant to Utah Code section 7-2-1 (1988), determined that Tracy Collins was a failing depository institution within the meaning of section 7-19-1 of the Utah Code. On that date, the FDIC entered into an “Assistance Agreement” with…”
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