Utah § 51-7-19 - Increase in deposits of public funds -- Authorization.

Full text of Utah Utah Code § 51-7-19 — Increase in deposits of public funds -- Authorization., with citation guidance and answers to common questions.

§ 51-7-19. Increase in deposits of public funds -- Authorization.

51-7-19.  Increase in deposits of public funds -- Authorization.
(1) The commissioner of financial institutions may, with the approval of the council:
(a) increase for a period not to exceed 90 days the amount of public funds any qualified depository may hold whenever additional deposit resources are required in connection with the flotation, conversion, or redemption of a bond issue, for initial deposits of tax collections or newly received federal money; and
(b) authorize a qualified depository to hold deposits of public funds in excess of the maximum to which the depository would otherwise be entitled to hold under the rules of the council, if the council finds that such excess deposits are necessary or advisable to promote the economic welfare of the area in which the depository is located.
(2) Any increase in deposits of public funds authorized by the commissioner under Subsections (1)(a) or (1)(b) shall be secured by a pledge of collateral as prescribed in Subsection 51-7-18.1(5)(b) to the extent that such increased deposit exceeds the then current maximum for insurance of accounts by the applicable federal deposit insuring agency.


Amended by Chapter 30, 1992 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 51-7-19

What does Utah Code § 51-7-19 cover?

Section 51-7-19 ("Increase in deposits of public funds -- Authorization.") 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 § 51-7-19?

A common citation format is "Utah Code § 51-7-19" (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 § 51-7-19 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

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