Utah Code § 7-9-50

Current with legislation effective through 5/2/2024

Section 7-9-50 - General limitation on liability

A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action taken, or any failure to take any action, as a director, supervisory committee member, credit committee member, or officer, as the case may be, unless:

(1) he has breached or failed to perform the duties of the office in compliance with this title; and

(2) the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.

Utah Code § 7-9-50

Enacted by Chapter 200, 1994 General Session