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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-603, 1981

A savings-account owner cannot sue over the correctness of a credit balance unless the action is started within six years of the credit balance date shown by the records.

Source excerpt

account recordsaccount statementslimitations periodpassbookssavings accountsstatementsstatutory presumption
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

Purpose and legislative effect

“A savings-account owner cannot sue over the correctness of a credit balance unless the action is started within six years of the credit balance date shown by the records.”

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02

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  1. 01

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    Enacted 1981. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Subsection 7-1-603(1)

If a depository institution regularly records savings-account credit balances in passbooks or sends statements at regular intervals, the balance is treated as finally adjusted and settled after six years from the recorded credit date.

Section 7-1-603(1)

Subsection 7-1-603(2)

The owner of a savings account may not bring an action about the correctness or accuracy of the credit balance unless the action is commenced within the six-year period in Subsection (1).

Section 7-1-603(2)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Enacted 1981

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Showing 3 of 3 provisions

Commencement 2Provision

Part 7-1-6

part 7-1-6 Deposit Accounts

§ 7-1-603Final settlement of savings account -- Limitation of action on accuracy of statement.Commencement

Source excerpt

A savings-account owner cannot sue over the correctness of a credit balance unless the action is started within six years of the credit balance date shown by the records.

Final settlement of savings account -- Limitation of action on accuracy of statement. If the depository institution in the course of its business regularly records the credit balances of savings accounts in the savings account passbooks of its depositors or renders statements of the credit balances in their savings accounts at regular intervals, the credit balance of any savings account with the depository institution as evidenced by its records is considered, after a period of six years from the date of the credit balance as shown by these records, to be finally adjusted and settled and its correctness is conclusively presumed. The owner of the savings account may not maintain an action on the correctness or accuracy of the credit balance, unless it is commenced within the six-year period described in Subsection (1) .
Section 7-1-603Verify source
§ 7-1-603(1)Subsection 7-1-603(1)Provision

Source excerpt

If a depository institution regularly records savings-account credit balances in passbooks or sends statements at regular intervals, the balance is treated as finally adjusted and settled after six years from the recorded credit date.

If the depository institution in the course of its business regularly records the credit balances of savings accounts in the savings account passbooks of its depositors or renders statements of the credit balances in their savings accounts at regular intervals, the credit balance of any savings account with the depository institution as evidenced by its records is considered, after a period of six years from the date of the credit balance as shown by these records, to be finally adjusted and settled and its correctness is conclusively presumed.
Section 7-1-603(1)Verify source
§ 7-1-603(2)Subsection 7-1-603(2)Commencement

Source excerpt

The owner of a savings account may not bring an action about the correctness or accuracy of the credit balance unless the action is commenced within the six-year period in Subsection (1).

The owner of the savings account may not maintain an action on the correctness or accuracy of the credit balance, unless it is commenced within the six-year period described in Subsection (1) .
Section 7-1-603(2)Verify source

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