Utah § 7-19-5.5 - Transferred assets free of encumbrances.

Full text of Utah Utah Code § 7-19-5.5 — Transferred assets free of encumbrances., with citation guidance and answers to common questions.

§ 7-19-5.5. Transferred assets free of encumbrances.

7-19-5.5.  Transferred assets free of encumbrances.
(1) Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property:
(a) free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12;
(b) free and clear of all unperfected liens, claims, and encumbrances pertaining to the assets, business, and property, except to the extent expressly assumed by the transferee; and
(c) subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property.
(2) Only those deposit liabilities and other liabilities, claims, and obligations of or against the transferring institution, its officers, directors, employees, and agents which are expressly assumed by the transferee shall be transferred or assigned pursuant to a supervisory merger or a supervisory acquisition. In addition, no such transferee shall be liable for any claim or obligation made against or attributable to acts or omissions of the commissioner, the department, or any of their agents, arising out of or related to the supervisory merger or the supervisory acquisition.


Amended by Chapter 229, 1987 General Session

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

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Frequently Asked Questions About Utah § 7-19-5.5

What does Utah Code § 7-19-5.5 cover?

Section 7-19-5.5 ("Transferred assets free of encumbrances.") 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 § 7-19-5.5?

A common citation format is "Utah Code § 7-19-5.5" (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 § 7-19-5.5 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.

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