Utah Code 75-6-112. Financial institution protection — Discharge
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Terms Used In Utah Code 75-6-112
- Account: means a contract of deposit of funds between a depositor and a financial institution and includes:
(a) a checking account; (b) a savings account; (c) a certificate of deposit; (d) a share account; and (e) other like arrangement. See Utah Code 75-6-101 - Financial institution: means any organization authorized to do business under state or federal laws relating to financial institutions, including, without limitation:
(a) banks; (b) trust companies; (c) industrial banks; (d) savings banks; (e) building and loan associations; (f) savings and loan companies or associations; and (g) credit unions. See Utah Code 75-6-101 - Party: includes a person identified as a trustee of an account for another whether or not a beneficiary is named. See Utah Code 75-6-101
- Person: means :Utah Code 68-3-12.5
- Request: means a proper request for withdrawal, or a check or order for payment, which complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution; but if the financial institution conditions withdrawal or payment on advance notice, for purposes of this part the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal. See Utah Code 75-6-101
- Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Utah Code 75-6-101
Payment made pursuant to Section 75-6-108, 75-6-109, 75-6-110 or 75-6-111 discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees, or beneficiaries, or their successors. The protection here given does not extend to payments made after a financial institution has received written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in any demand for withdrawal if the financial institution is to be protected under this section. No other notice or any other information shown to have been available to a financial institution shall affect its right to the protection provided here. The protection here provided shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.Enacted by Chapter 150, 1975 General Session
- Financial institution: means any organization authorized to do business under state or federal laws relating to financial institutions, including, without limitation: