7-2-18 - Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals. - Utah Statutes

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 thejurisdiction of the department he may propose to the court a plan for the reorganization orliquidation of the institution or the establishment of a new institution by filing a petition with thecourt, setting forth the details of the plan and requesting the court to set a day for hearing on thepetition.
(2) The court shall make an order fixing a day for the hearing of the petition, prescribingthe manner in which notice of the hearing is given, and may prescribe a deadline for filingwritten objections. The court may adjourn the hearing from time to time and no further notice isrequired. 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 shallapprove the plan.
(3) A plan of reorganization or liquidation approved by the court shall be fully bindingupon 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 allother parties in interest with regard to the plan and with regard to any institution or other personreceiving any assets or assuming any liabilities under the plan.
(4) Notice of an appeal of an order approving a plan of reorganization or liquidation shallbe filed within 10 days after the date of entry of the order appealed from.

Amended by Chapter 1, 1986 Special Session 4