Utah § 7-28-112 Term and termination.

Utah Statutes

§ 7-28-112 — Term and termination.

Utah·Title 7 Financial Institutions Act·Ch. 7-28 Uniform Special Deposits Act

(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.

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