Terms Used In Utah Code > Title 75 > Chapter 6 > Part 1 - Multiple-Party Accounts

• 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 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Beneficiary: means a person named in a trust account as one for whom a party to the account is named as trustee. See Utah Code 75-6-101 Contract: A legal written agreement that becomes binding when signed. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Decedent: A deceased person. Dependent: A person dependent for support upon another. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fiduciary: A trustee, executor, or administrator. 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 Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor Intestate: Dying without leaving a will. Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. Joint account: means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship. See Utah Code 75-6-101 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Multiple-party account: means any of the following types of account: (i)  a joint account; (ii)  a P. See Utah Code 75-6-101 Net contribution: includes , in addition, any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question. See Utah Code 75-6-101 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. 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 Probate: Proving a will Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 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 Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners. State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5 Statute: A law passed by a legislature. 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 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trust account: means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account; and it is not essential that payment to the beneficiary be mentioned in the deposit agreement. See Utah Code 75-6-101 Trustee: A person or institution holding and administering property in trust. Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Utah Code 75-6-101