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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-604

Savings accounts may be opened and held by adult or minor individuals, and the institution must keep, transfer, and treat them on its books in the manner stated here.

Source excerpt

account ownershipaccount transferbankingdeposit accountselectronic transfersavings accountstransfer of funds
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Savings accounts may be opened and held by adult or minor individuals, and the institution must keep, transfer, and treat them on its books in the manner stated here.”

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Subsection 7-1-604(1)

Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in the individual's own right or in trust or other fiduciary capacity for any such adult or minor.

Section 7-1-604(1)

Subsection 7-1-604(2)

Savings accounts shall be represented only by the account of each savings account holder on the books of the depository institution.

Section 7-1-604(2)

Subsection 7-1-604(3)

Savings accounts may be transferred only on the depository institution’s books and only on written application; acceptance of a transferee as an account holder may be only on terms approved by the board of directors.

Section 7-1-604(3)

Subsection 7-1-604(4)

The institution may treat the holder of record of a savings account as the account owner and may ignore contrary notice, unless it has acknowledged in writing a pledge of the account.

Section 7-1-604(4)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 5 of 5 provisions

Provision 5

Part 7-1-6

part 7-1-6 Deposit Accounts

§ 7-1-604Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception.Provision

Source excerpt

Savings accounts may be opened and held by adult or minor individuals, and the institution must keep, transfer, and treat them on its books in the manner stated here.

Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception. Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in the individual's own right or in trust or other fiduciary capacity for any such adult or minor. Savings accounts shall be represented only by the account of each savings account holder on the books of the depository institution. Savings accounts shall be transferable only on the books of the depository institution and only upon written application. Acceptance by the institution of the transferee as an account holder may only be upon terms approved by its board of directors. Nothing in this subsection shall be construed as prohibiting the transfer of part or all of the funds in a transaction account to a third party by means of checks, drafts, or other instruments or by electronic means. The institution may treat the holder of record of a savings account as the owner of the account for all purposes and may disregard any notice to the contrary, unless the institution has acknowledged, in writing, notice of a pledge of the savings account.
Section 7-1-604Verify source
§ 7-1-604(1)Subsection 7-1-604(1)Provision

Source excerpt

Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in the individual's own right or in trust or other fiduciary capacity for any such adult or minor.

Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in the individual's own right or in trust or other fiduciary capacity for any such adult or minor.
Section 7-1-604(1)Verify source
§ 7-1-604(2)Subsection 7-1-604(2)Provision

Source excerpt

Savings accounts shall be represented only by the account of each savings account holder on the books of the depository institution.

Savings accounts shall be represented only by the account of each savings account holder on the books of the depository institution.
Section 7-1-604(2)Verify source
§ 7-1-604(3)Subsection 7-1-604(3)Provision

Source excerpt

Savings accounts may be transferred only on the depository institution’s books and only on written application; acceptance of a transferee as an account holder may be only on terms approved by the board of directors.

Savings accounts shall be transferable only on the books of the depository institution and only upon written application. Acceptance by the institution of the transferee as an account holder may only be upon terms approved by its board of directors. Nothing in this subsection shall be construed as prohibiting the transfer of part or all of the funds in a transaction account to a third party by means of checks, drafts, or other instruments or by electronic means.
Section 7-1-604(3)Verify source
§ 7-1-604(4)Subsection 7-1-604(4)Provision

Source excerpt

The institution may treat the holder of record of a savings account as the account owner and may ignore contrary notice, unless it has acknowledged in writing a pledge of the account.

The institution may treat the holder of record of a savings account as the owner of the account for all purposes and may disregard any notice to the contrary, unless the institution has acknowledged, in writing, notice of a pledge of the savings account.
Section 7-1-604(4)Verify source

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