Utah Code 75-6-110. Financial institution protection — Payment of P.O.D. account
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Terms Used In Utah Code 75-6-110
- 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
- Proof of death: includes a death certificate or record or report which is prima facie proof of death under Section 75-1-107. 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
Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the financial institution of proof of death showing that the P.O.D. payee survived all persons named as original payees. Payment may be made to the personal representative or heirs of a deceased original payee if proof of death is presented to the financial institution showing that his decedent was the survivor of all other persons named on the account either as an original payee or as P.O.D. payee.Enacted by Chapter 150, 1975 General Session