United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-613, 1981

If a savings account holder is adjudicated incompetent, the depository institution may pay the account value and accrued earnings to the conservator on proof of appointment and qualification; with…

bankingguardianship/conservatorshipsavings accounts

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01

Purpose and legislative effect

“If a savings account holder is adjudicated incompetent, the depository institution may pay the account value and accrued earnings to the conservator on proof of appointment and qualification; without written or actual notice, it may instead pay the holder under the account contract.”

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Incompetency of savings account owner.

If a savings account holder is adjudicated incompetent, the depository institution may pay the account value and accrued earnings to the conservator on proof of appointment and qualification; without written or actual notice, it may ins…

Section 7-1-613

04

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In force source record

Source record from le.utah.gov · Enacted 1981

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Provision

Part 7-1-6

part 7-1-6 Deposit Accounts

§ 7-1-613Incompetency of savings account owner.Provision

If a savings account holder is adjudicated incompetent, the depository institution may pay the account value and accrued earnings to the conservator on proof of appointment and qualification; without written or actual notice, it may instead pay the holder under the account contract.

Incompetency of savings account owner. When a savings account is held in any depository institution by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the institution may pay or deliver the withdrawal value of the savings account and any earnings that may have accrued on the account to the conservator for that person upon proof of the conservator's appointment and qualification. However, if the institution has received no written notice and is not on actual notice that the savings account holder has been adjudicated incompetent, it may pay or deliver the funds to the holder in accordance with the provision of the savings account contract, and the receipt or acquittance of the holder therefor shall be a valid and sufficient release and discharge of the institution for the payment or delivery so made.
Section 7-1-613Verify source

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