Utah Code 75-6-108. Financial institution protection — Payment on signature of one party
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Terms Used In Utah Code 75-6-108
- 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
- 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- 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- Request: means a proper request for withdrawal, or a check or order for payment, which complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution; but if the financial institution conditions withdrawal or payment on advance notice, for purposes of this part the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal. See Utah Code 75-6-101
Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.