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Terms Used In Utah Code 7-1-610

  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
         (8)(a) holds or receives deposits, savings, or share accounts;
         (8)(b) issues certificates of deposit; or
         (8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
  • Institution: means :
         (19)(a) a corporation;
         (19)(b) a limited liability company;
         (19)(c) a partnership;
         (19)(d) a trust;
         (19)(e) an association;
         (19)(f) a joint venture;
         (19)(g) a pool;
         (19)(h) a syndicate;
         (19)(i) an unincorporated organization; or
         (19)(j) any form of business entity. See Utah Code 7-1-103
  • Savings account: means a deposit or other account at a depository institution that is not a transaction account. See Utah Code 7-1-103
  • Writing: includes :
         (48)(a) printing;
         (48)(b) handwriting; and
         (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5

     Any depository institution may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from the savings account of a holder, whether minor or adult, until it is on actual notice of the revocation of his authority. No such institution shall be liable for damages, penalty, or tax by reason of any payment made under this section.