Utah Code 7-1-613. Incompetency of savings account owner
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Terms Used In Utah Code 7-1-613
- Contract: A legal written agreement that becomes binding when signed.
- 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 - Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means :
(a) an individual; (b) a corporation; (c) a limited liability company; (d) a partnership; (e) a trust; (f) an association; (g) a joint venture; (h) a pool; (i) a syndicate; (j) a sole proprietorship; (k) an unincorporated organization; or (l) 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
When a savings account is held in any depository institution by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the institution may pay or deliver the withdrawal value of the savings account and any earnings that may have accrued on the account to the conservator for that person upon proof of his appointment and qualification. However, if the institution has received no written notice and is not on actual notice that the savings account holder has been adjudicated incompetent, it may pay or deliver the funds to the holder in accordance with the provision of the savings account contract, and the receipt or acquittance of the holder therefor shall be a valid and sufficient release and discharge of the institution for the payment or delivery so made.Enacted by Chapter 16, 1981 General Session
- Institution: means :