Utah Code 7-1-604. Savings accounts — Qualifications to hold — Representation — Transfer — Holder treated as owner — Exception
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(1) Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in his or her own right or in trust or other fiduciary capacity for any such adult or minor.
Terms Used In Utah Code 7-1-604
- 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
- Female: means the characteristic of an individual whose biological reproductive system is of the general type that functions in a way that could produce ova. See Utah Code 68-3-12.5
- Fiduciary: A trustee, executor, or administrator.
- 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- Male: means the characteristic of an individual whose biological reproductive system is of the general type that functions to fertilize the ova of a female. See Utah Code 68-3-12.5
- Savings account: means a deposit or other account at a depository institution that is not a transaction account. See Utah Code 7-1-103
- Transaction account: includes :
(36)(b)(i) demand deposits;(36)(b)(ii) NOW accounts;(36)(b)(iii) savings deposits subject to automatic transfers; and(36)(b)(iv) share draft accounts. 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(2) Savings accounts shall be represented only by the account of each savings account holder on the books of the depository institution.(3) Savings accounts shall be transferable only on the books of the depository institution and only upon written application. Acceptance by the institution of the transferee as an account holder may only be upon terms approved by its board of directors. Nothing in this subsection shall be construed as prohibiting the transfer of part or all of the funds in a transaction account to a third party by means of checks, drafts, or other instruments or by electronic means.(4) The institution may treat the holder of record of a savings account as the owner of the account for all purposes and may disregard any notice to the contrary, unless the institution has acknowledged, in writing, notice of a pledge of the savings account.