Utah Code 7-1-603. Final settlement of savings account — Limitation of action on accuracy of statement

(1)

If the depository institution in the course of its business regularly records the credit balances of savings accounts in the savings account passbooks of its depositors or renders statements of the credit balances in their savings accounts at regular intervals, the credit balance of any savings account with the depository institution as evidenced by its records is considered, after a period of six years from the date of the credit balance as shown by these records, to be finally adjusted and settled and its correctness is conclusively presumed.

Terms Used In Utah Code 7-1-603

Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:

(a)	holds or receives deposits, savings, or share accounts;

(b)	issues certificates of deposit; or

(c)

provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103

Institution: means :

(a)	a corporation;

(b)	a limited liability company;

(c)	a partnership;

(d)

a trust;

(e)	an association;

(f)	a joint venture;

(g)

a pool;

(h)	a syndicate;

(i)	an unincorporated organization; or

(j)	any form of business entity. See Utah Code 7-1-103 Savings account: means a deposit or other account at a depository institution that is not a transaction account. See Utah Code 7-1-103
(2)	The owner of the savings account may not maintain an action on the correctness or accuracy of the credit balance, unless it is commenced within the six-year period described in Subsection (1).

Enacted by Chapter 16, 1981 General Session

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