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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-602, 1981

Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected. Two years after a statement of a checking or…

Source excerpt

account statementsaccountingbankingdepository institutionslimitations periodtransaction accounts
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 1981
Dates
Enacted 1981
More statute details
Dates
Enacted 1981
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01

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“Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected. Two years after a statement of a checking or other transaction account has been rendered”

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Subsection 7-1-602(1)

Two years after a checking or other transaction account statement is rendered to a depositor, the account is treated as finally adjusted and settled, and its correctness is conclusively presumed.

Section 7-1-602(1)

Subsection 7-1-602(3)

A statement of account counts as rendered if the depository institution regularly mails or delivers monthly or similarly periodic account statements to depositor customers that itemize debit and credit entries.

Section 7-1-602(3)

Subsection 7-1-602(4)

The date the statement is rendered is considered to be the first day of the month following the period covered by the statement as evidenced by the record of the account kept by the depository institution.

Section 7-1-602(4)

Subsection 7-1-602(5)

A depositor remains subject to the duty to examine account statements and promptly tell the depository institution about discovered errors.

Section 7-1-602(5)

04

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In force source record

Source record from le.utah.gov · Enacted 1981

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Showing 6 of 6 provisions

Provision 4Commencement 2

Part 7-1-6

part 7-1-6 Deposit Accounts

§ 7-1-602Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected.Commencement

Source excerpt

Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected. Two years after a statement of a checking or other transaction account has been rendered

Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected. Two years after a statement of a checking or other transaction account has been rendered to a depositor, the account shall be considered finally adjusted and settled and its correctness conclusively presumed as of the date the statement is rendered. The depositor may not maintain an action on the correctness or accuracy of the statement of account unless it is commenced within two years next after the date the statement was rendered. For the purpose of this section a statement of account shall be considered rendered if at the time the statement is purported to have been made, the depository institution in the course of its business regularly mailed or otherwise delivered to its depositor customers monthly or at other regular intervals statements of their checking and other transaction accounts, itemizing debit and credit entries. The date the statement is rendered is considered to be the first day of the month following the period covered by the statement as evidenced by the record of the account kept by the depository institution. Nothing in this section relieves a depositor from the duties imposed under Section 70A-4-406 to examine the statement of account, when rendered by the depository institution, and to immediately notify the depository institution of any errors discovered in it, nor from the legal consequences of neglect of those duties.
Section 7-1-602Verify source
§ 7-1-602(1)Subsection 7-1-602(1)Provision

Source excerpt

Two years after a checking or other transaction account statement is rendered to a depositor, the account is treated as finally adjusted and settled, and its correctness is conclusively presumed.

Two years after a statement of a checking or other transaction account has been rendered to a depositor, the account shall be considered finally adjusted and settled and its correctness conclusively presumed as of the date the statement is rendered.
Section 7-1-602(1)Verify source
§ 7-1-602(2)Subsection 7-1-602(2)Commencement

Source excerpt

The depositor may not maintain an action on the correctness or accuracy of the statement of account unless it is commenced within two years next after the date the statement was rendered.

The depositor may not maintain an action on the correctness or accuracy of the statement of account unless it is commenced within two years next after the date the statement was rendered.
Section 7-1-602(2)Verify source
§ 7-1-602(3)Subsection 7-1-602(3)Provision

Source excerpt

A statement of account counts as rendered if the depository institution regularly mails or delivers monthly or similarly periodic account statements to depositor customers that itemize debit and credit entries.

For the purpose of this section a statement of account shall be considered rendered if at the time the statement is purported to have been made, the depository institution in the course of its business regularly mailed or otherwise delivered to its depositor customers monthly or at other regular intervals statements of their checking and other transaction accounts, itemizing debit and credit entries.
Section 7-1-602(3)Verify source
§ 7-1-602(4)Subsection 7-1-602(4)Provision

Source excerpt

The date the statement is rendered is considered to be the first day of the month following the period covered by the statement as evidenced by the record of the account kept by the depository institution.

The date the statement is rendered is considered to be the first day of the month following the period covered by the statement as evidenced by the record of the account kept by the depository institution.
Section 7-1-602(4)Verify source
§ 7-1-602(5)Subsection 7-1-602(5)Provision

Source excerpt

A depositor remains subject to the duty to examine account statements and promptly tell the depository institution about discovered errors.

Nothing in this section relieves a depositor from the duties imposed under Section 70A-4-406 to examine the statement of account, when rendered by the depository institution, and to immediately notify the depository institution of any errors discovered in it, nor from the legal consequences of neglect of those duties.
Section 7-1-602(5)Verify source

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