Utah § 7-2-18 - Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.
Full text of Utah Utah Code § 7-2-18 — Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals., with citation guidance and answers to common questions.
§ 7-2-18. Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.
7-2-18. Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.
| (1) | If the commissioner has taken possession of any institution or other person under the jurisdiction of the department, the commissioner may propose to the court a plan for the reorganization or liquidation of the institution or the establishment of a new institution by filing a petition with the court, setting forth the details of the plan and requesting the court to set a day for hearing on the petition. |
| (2) | The court shall make an order fixing a day for the hearing of the petition, prescribing the manner in which notice of the hearing is given, and may prescribe a deadline for filing written objections. The court may adjourn the hearing from time to time and no further notice is required. At the time of hearing or any adjournment of a hearing the court shall take testimony, and if it appears that it is in the best interests of the depositors and other creditors, the court shall approve the plan. |
| (3) | A plan of reorganization or liquidation approved by the court shall be fully binding upon and constitute a final adjudication of all claims, rights, and interests of all depositors, creditors, shareholders, and members of the institution being reorganized or liquidated, and all other parties in interest with regard to the plan and with regard to any institution or other person receiving any assets or assuming any liabilities under the plan. |
| (4) | Notice of an appeal of an order approving a plan of reorganization or liquidation shall be filed within 10 days after the date of entry of the order appealed from. |
Amended by Chapter 302, 2025 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 7-2-18
What does Utah Code § 7-2-18 cover?
Section 7-2-18 ("Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 7-2-18?
A common citation format is "Utah Code § 7-2-18" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 7-2-18 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Utah.