Utah § 75A-1-209 Deposits in a fiduciary's personal account.

Utah Statutes

§ 75A-1-209 — Deposits in a fiduciary's personal account.

Utah·Title 75A Fiduciaries·Part 75A-1-2 Payments and Deposits by Fiduciaries

If a principal authorizes a fiduciary to write or endorse a check for the principal, and the fiduciary writes a check payable to the fiduciary and deposits the check in a bank into the fiduciary's personal account:

(1)the bank is not bound to inquire whether a fiduciary is committing a breach of the fiduciary's obligation to a principal; and

(2)the bank is authorized to pay the amount of the deposit or any part of a personal check of the fiduciary without being liable to the principal unless:

(2)(a) the bank deposits the check for a fiduciary with actual knowledge that the fiduciary is committing a breach of the fiduciary's obligation in depositing the check; or

(2)(b) the bank knows that depositing the check for the fiduciary amounts to bad faith.

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If a principal authorizes a fiduciary to write or endorse a check for the principal, and the fiduciary writes a check payable to the fiduciary and deposits the check in a bank into the fiduciary's personal account:
(1) the bank is not bound to inquire whether a fiduciary is committing a breach of the fiduciary's obligation to a principal; and
(2) the bank is authorized to pay the amount of the deposit or any part of a personal check of the fiduciary without being liable to the principal unless:
(2)(a) the bank deposits the check for a fiduciary with actual knowledge that the fiduciary is committing a breach of the fiduciary's obligation in depositing the check; or
(2)(b) the bank knows that depositing the check for the fiduciary amounts to bad faith.

Utah § 75A-1-209 (Deposits in a fiduciary's personal account.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.