Utah Code 75-6-114. Financial institution protection — Costs and attorneys’ fees
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Terms Used In Utah Code 75-6-114
- 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
- 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- Lien: A claim against real or personal property in satisfaction of a debt.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Sums on deposit: means the balance payable on a multiple-party account, including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party. See Utah Code 75-6-101
A financial institution shall have a lien for its costs and attorneys’ fees on the sums on deposit in any multiple-party account in such institution which becomes the subject of any litigation as to the rights to such sums. This lien shall attach only if the financial institution acted in good faith and with good cause.
- Financial institution: means any organization authorized to do business under state or federal laws relating to financial institutions, including, without limitation: