Utah Code » Title 7, Chapter 8 — Industrial Banks
Utah Code

Utah Code § 7-8-5 (2026)

Acquisition of own stock restricted -- Capital requirements

✓ laws through the 2026 General Session (checked Sept. 2026)
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An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith.
All shares of stock acquired under this Subsection (1) by the industrial bank through any purchase, foreclosure, judgment, or otherwise shall be sold within 12 months from the date of acquisition.
The par value of all the shares held after acceptance or purchase may not exceed 10% of the capital and surplus of the industrial bank.
Each industrial bank accepting or holding deposits shall maintain the minimum amount of capital required by its federal deposit insurer.
The commissioner may require a greater amount of capital if the commissioner determines that it is necessary to protect the interests of:
the depositors and other customers of the industrial bank; and
the public.

Amended by Chapter 92, 2004 General Session

Notes of Decisions
Cited in 2 cases, 1946–1990 · leading case: Plumb v. State, 809 P.2d 734 (Utah 1990).
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Plumb v. State, 809 P.2d 734 (Utah 1990). · cites it 2× “§ 7-8-5(5) (Supp. 1990); and (iv) not notifying the county attorney that certain insolvent thrifts were in violation of the financial institutions law, see id.”
Nat'l Serv. Corp. v. Gardikis, 172 P.2d 120 (Utah 1946). · cites it 8× “The question involved is one of pleading and calls for an interpretation of Section 7-8-5, U. C. A. 1943, which reads: “Every person acting under and abiding by the provisions of this chapter shall be allowed to charge on loans or advancements of $'300 or less three per cent per…”
Utah Code § 7-8-5(5): 1 case
Plumb v. State, 809 P.2d 734 (Utah 1990). “§ 7-8-5(5) (Supp. 1990); and (iv) not notifying the county attorney that certain insolvent thrifts were in violation of the financial institutions law, see id.”
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