Utah Code 75-6-102. Ownership as between parties and others — Protection of financial institutions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 75-6-102
- 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 - Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Utah Code 75-6-101
The provisions of Sections 75-6-103 through 75-6-105 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts. The provisions of Sections 75-6-108 through 75-6-113 govern the liability of financial institutions who make payments pursuant thereto, and their setoff rights.Enacted by Chapter 150, 1975 General Session