Utah Code 75-6-107. Rights of creditors
Terms Used In Utah Code 75-6-107
- 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
- Application: means a written request to the registrar for an order of informal probate or appointment under Chapter 3, Part 3, Informal Probate and Appointment Proceedings. See Utah Code 75-1-201 v2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Dependent: A person dependent for support upon another.
- 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
- 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- Minor: means a person who is under 18 years old. See Utah Code 75-1-201 v2
- 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
- Personal representative: includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. See Utah Code 75-1-201 v2
- Proceeding: includes action at law and suit in equity. See Utah Code 75-1-201 v2
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
No multiple-party account will be effective against an estate of a deceased party to transfer to a survivor sums needed to pay debts, taxes, and expenses of administration, including statutory allowances to the surviving spouse, minor children and dependent children, if other assets of the estate are insufficient. A surviving party, P.O.D. payee, or beneficiary who receives payment from a multiple-party account after the death of a deceased party shall be liable to account to his personal representative for amounts the decedent owned beneficially immediately before his death to the extent necessary to discharge the claims and charges mentioned above remaining unpaid after application of the decedent’s estate. No proceeding to assert this liability shall be commenced unless the personal representative has received a written demand by a surviving spouse, a creditor, or one acting for a minor or dependent child of the decedent; and no proceeding shall be commenced later than two years following the death of the decedent. Sums recovered by the personal representative shall be administered as part of the decedent’s estate. This section shall not affect the right of a financial institution to make payment on multiple-party accounts according to the terms thereof or make it liable to the estate of a deceased party unless before payment the institution has been served with process in a proceeding by the personal representative.