Utah Code 75-6-109. Financial institution protection — Payment after death or disability — Joint account
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Terms Used In Utah Code 75-6-109
- 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 - Decedent: A deceased person.
- 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 - Party: includes a person identified as a trustee of an account for another whether or not a beneficiary is named. 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
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded; but payment may not be made to the personal representative or heirs of a deceased party unless proofs of death are presented to the financial institution showing that the decedent was the last surviving party or unless there is no right of survivorship under Section 75-6-104.Enacted by Chapter 150, 1975 General Session