Utah Code 7-3-26. Overdraft as asset
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Terms Used In Utah Code 7-3-26
- Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
An overdraft of more than 90 days’ standing may not be allowed as an asset of a bank, unless amply secured and in the process of collection.
Amended by Chapter 8, 1983 General Session