Utah Code 75-6-104. Right of survivorship
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Terms Used In Utah Code 75-6-104
- Account: means a contract of deposit of funds between a depositor and a financial institution and includes:(1)(a) a checking account;(1)(b) a savings account;(1)(c) a certificate of deposit;(1)(d) a share account; and(1)(e) other like arrangement. See Utah Code 75-6-101
- Beneficiary designation: means a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), or of a pension, profit-sharing, retirement, or similar benefit plan, or other nonprobate transfer at death. See Utah Code 75-1-201 v2
- Decedent: A deceased person.
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Utah Code 75-1-201 v2
- 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.
- Financial institution: means any organization authorized to do business under state or federal laws relating to financial institutions, including, without limitation:
(3)(a) banks;(3)(b) trust companies;(3)(c) industrial banks;(3)(d) savings banks;(3)(e) building and loan associations;(3)(f) savings and loan companies or associations; and(3)(g) credit unions. See Utah Code 75-6-101- 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
- Multiple-party account: means any of the following types of account:
(5)(a)(i) a joint account;(5)(a)(ii) a P. 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 an individual or an organization. See Utah Code 75-1-201 v2
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Survive: includes its derivatives, such as "survives" "survived" "survivor" and "surviving. See Utah Code 75-1-201 v2
- Trust: includes :
(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and cotrustee, whether or not appointed or confirmed by the court. See Utah Code 75-1-201 v2
(1)(a) Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention.(1)(b) A financial institution may rely on the financial institution’s records for a joint account when distributing funds for the joint account in accordance with Subsection (1)(a).(1)(c) If there are two or more surviving parties under Subsection (1)(a), their respective ownerships during lifetime shall be in proportion to their previous ownership interests under Section 75-6-103 augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before the decedent’s death; and the right of survivorship continues between the surviving parties.(2) If the account is a P.O.D. account:(2)(a) on death of one of two or more original payees, the rights to any sums remaining on deposit are governed by Subsection (1); or(2)(b) on death of the sole original payee or of the survivor of two or more original payees, any sums remaining on deposit belong to the P.O.D. payee or payees if surviving, or to the survivor of them if one or more die before the original payee; if two or more P.O.D. payees survive, there is no right of survivorship in event of death of a P.O.D. payee thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.(3) If the account is a trust account:(3)(a) on death of one of two or more trustees, the rights to any sums remaining on deposit are governed by Subsection (1); or(3)(b) on death of the sole trustee or the survivor of two or more trustees, any sums remaining on deposit belong to the person or persons named as beneficiaries, if surviving, or to the survivor of them if one or more die before the trustee, unless there is clear evidence of a contrary intent; and if two or more beneficiaries survive, there is no right of survivorship in event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.(4) In other cases, the death of any party to a multiple-party account has no effect on beneficial ownership of the account other than to transfer the rights of the decedent as part of the decedent’s estate.(5) A right of survivorship arising from the express terms of the account or under this section, a beneficiary designation in a trust account, or a P.O.D. payee designation, cannot be changed by will.