Utah § 7-28-110 Recoupment or set off.

Utah Statutes

§ 7-28-110 — Recoupment or set off.

Utah § 7-28-110

Title 7Financial Institutions Act

Ch. 7-28Uniform Special Deposits Act

This text of Utah § 7-28-110 (Recoupment or set off.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 7-28-110 (2026).

Text

(1)Except as provided in Subsection (2) or (3), a bank may not exercise a right of recoupment or set off against a special deposit.

(2)An account agreement may authorize the bank to debit the special deposit:

(2)(a) when the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation;

(2)(b) for a fee assessed by the bank that relates to an overdraft in the special deposit account;

(2)(c) for costs incurred by the bank that relate directly to the special deposit; or

(2)(d) to reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution.

(3)The bank holding a speci

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(1) Except as provided in Subsection (2) or (3), a bank may not exercise a right of recoupment or set off against a special deposit.
(2) An account agreement may authorize the bank to debit the special deposit:
(2)(a) when the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation;
(2)(b) for a fee assessed by the bank that relates to an overdraft in the special deposit account;
(2)(c) for costs incurred by the bank that relate directly to the special deposit; or
(2)(d) to reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution.
(3) The bank holding a special deposit may exercise a right of recoupment or set off against an obligation to pay a beneficiary, even if the bank funds payment from the special deposit.