Utah Code 67-4a-703. Recovery of securities or value by owner
Current as of: 2023 | Check for updates
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67-4a-703. Recovery of securities or value by owner.
| (1) | The administrator may not be held liable for any loss or gain in the value that the financial instrument would have obtained had the financial instrument been held instead of being sold. |
| (i) | a depositor, for a deposit; |
| (ii) | a beneficiary, for a trust other than a deposit in trust; |
| (iii) | a creditor, claimant, or payee, for other property; and |
| (iv) | the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102 |
| (2) | Upon approval of a claim, the owner, heir, or agent may request the administrator to dispose of the securities by sale and remit the net proceeds to the owner, heir, or agent. |
| (3) | Upon disapproval of the claim, the administrator may dispose of the securities by sale. |
Repealed and Re-enacted by Chapter 371, 2017 General Session