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Can you summarize UTCO Title 7, Chapter 19?
Financial Institutions Act > Acquisition of Failing Depository Institutions or Holding Companies
Short Summary
The provided legal document governs the transfer of assets, business, and property in the context of supervisory mergers or acquisitions. It applies to institutions or other persons who receive such transfers. The document specifies that the transferee shall take the assets, business, and property free and clear of liens, claims, and encumbrances that have been avoided or disallowed by the commissioner, except for those expressly assumed by the transferee. It also states that only the liabilities, claims, and obligations expressly assumed by the transferee shall be transferred. Furthermore, the document clarifies that the transferee shall not be liable for any claims or obligations arising from acts or omissions of the commissioner or the department related to the supervisory merger or acquisition. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Institutions or other persons who receive such transfers
What does it govern?
Transfer of assets, business, and property in the context of supervisory mergers or acquisitions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Utah