Utah Code 75-6-115. Agency accounts
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Terms Used In Utah Code 75-6-115
- 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 - 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
- Person: means :Utah Code 68-3-12.5
- 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
- Sums on deposit: means the balance payable on a multiple-party account, including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party. See Utah Code 75-6-101
Nothing in this chapter shall preclude a party to an account from adding the name of another person to such an account with the designation “agent.” This agent shall have no present or future interest in the sums on deposit in such account, but the financial institution may honor requests for payment from such account by such agent, whether the principal be incapacitated or deceased at the time the payment is demanded, unless the financial institution has actual knowledge of such death or incapacity. Payments from such account by such financial institution at the request of such agent shall discharge such financial institution from all claims for amounts so paid.Amended by Chapter 194, 1977 General Session
- Financial institution: means any organization authorized to do business under state or federal laws relating to financial institutions, including, without limitation: