Utah § 7-28-112 Term and termination.

Utah Statutes

§ 7-28-112 — Term and termination.

Utah § 7-28-112

Title 7Financial Institutions Act

Ch. 7-28Uniform Special Deposits Act

This text of Utah § 7-28-112 (Term and termination.) 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. § 7-28-112 (2026).

Text

(1)Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.

(2)Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.

(3)A bank that pays the remaining balance as provided under Subsection (2) has no further obligation with respect to the special deposit.

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(1) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
(2) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
(3) A bank that pays the remaining balance as provided under Subsection (2) has no further obligation with respect to the special deposit.