Utah Code 75-6-108. Financial institution protection — Payment on signature of one party
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Terms Used In Utah Code 75-6-108
- 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 - Multiple-party account: means any of the following types of account:
(i) a joint account; (ii) a P. See Utah Code 75-6-101 - 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
Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.Enacted by Chapter 150, 1975 General Session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: