Utah § 7-3-28 - Capital notes or debentures.
Full text of Utah Utah Code § 7-3-28 — Capital notes or debentures., with citation guidance and answers to common questions.
§ 7-3-28. Capital notes or debentures.
| (1) | Any bank, with the prior written approval of the commissioner and the authorization by resolution of its board of directors may issue its convertible or nonconvertible capital notes or debentures. The issuance may be in the amounts, for the term, and contain provisions as may be approved by the commissioner. |
| (2) | All such notes or debentures shall be subordinated to the claims of depositors and other creditors. |
| (3) | The total amount of outstanding capital notes or debentures of any bank may not exceed such limitations as the commissioner may by regulation prescribe for the protection of depositors. The limitations prescribed may not be more restrictive than those prescribed for national banks. |
| (4) | The amount of such outstanding capital notes or debentures not maturing within one year shall be added to the capital of the issuing bank for the purpose of determining the maximum amount that may be loaned to a single borrower by such bank as provided in this chapter. |
| (5) | The commissioner may prescribe regulations for the protection of the bank's depositors and shareholders as, in the judgment of the commissioner, will effectuate the purposes of this section. |
Amended by Chapter 8, 1983 General Session
Frequently Asked Questions About Utah § 7-3-28
What does Utah Code § 7-3-28 cover?
Section 7-3-28 ("Capital notes or debentures.") 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 § 7-3-28?
A common citation format is "Utah Code § 7-3-28" (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 § 7-3-28 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.