Utah Code 57-8-60. Administration of funds
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An association of unit owners:
(1) shall keep all of the association of unit owners’ funds in an account in the name of the association of unit owners; and
Terms Used In Utah Code 57-8-60
- association: means all of the unit owners:(2)(a) acting as a group in accordance with the declaration and bylaws; or(2)(b) organized as a legal entity in accordance with the declaration. See Utah Code 57-8-3
- Person: means an individual, corporation, partnership, association, trustee, or other legal entity. See Utah Code 57-8-3
- Unit: includes one or more rooms or spaces located in one or more floors or a portion of a floor in a building. See Utah Code 57-8-3
(2) may not commingle the association of unit owners’ funds with the funds of any other person.