Utah Statutes
§ 7-28-105 — Permissible purpose.
(1)A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit.
(2)If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies Subsection (1), Sections 7-28-107 through 7-28-110 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy Subsection (1).
(3)If, before termination of a special deposit, the bank determines the special deposit no longer satisfies Subsection (1), the bank may take action the bank believes is necessary under the circumstances, including terminating the special deposit.
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Legislative History
Enacted by Chapter 482, 2025 General Session
Nearby Sections
15
§ 7-1-1001
Definitions -- Written consent or court order for disclosure by financial institution -- Exception.§ 7-1-1005
Admissibility of information restricted.§ 7-1-1007
Liability of financial institutions.§ 7-1-101
Title.§ 7-1-103
Definitions.§ 7-1-103.5
Control.