7-18a-401 - Separate assets. - Utah Statutes

7-18a-401. Separate assets.
(1) Each foreign depository institution authorized to transact business in this state throughan agency or branch shall keep the assets of its business in this state separate and apart from theassets of its business outside this state.
(2) The creditors of a foreign depository institution authorized to transact business in thisstate through an agency or branch arising out of transactions with, and recorded on the books of,the agency or branch shall be entitled to absolute preference and priority over the creditors of theforeign depository institution's offices located outside this state with respect to the assets of theforeign depository institution in this state.

Enacted by Chapter 63, 1996 General Session