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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-22-108, 1991

Escrow agents must keep escrow funds in separate federally insured trust accounts and may use or distribute earnings only as the escrow agreement allows.

Source excerpt

account maintenanceaccount segregationbailee dutiesescrowescrow fundsfiduciary dutiesinterest earningstrust accounts
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 1991
Dates
Enacted 1991
More statute details
Dates
Enacted 1991
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01

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“Escrow agents must keep escrow funds in separate federally insured trust accounts and may use or distribute earnings only as the escrow agreement allows.”

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02

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    Enacted 1991. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Subsection 7-22-108(1)

Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose.

Section 7-22-108(1)

Subsection 7-22-108(2)

An escrow agent must maintain property received under an escrow agreement so it is reasonably protected from loss, theft, or damage.

Section 7-22-108(2)

04

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In force source record

Source record from le.utah.gov · Enacted 1991

In force

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Showing 3 of 3 provisions

Provision 3
§ 7-22-108Segregation of accounts -- Duties specified by agreement -- Duties generally.Provision

Source excerpt

Escrow agents must keep escrow funds in separate federally insured trust accounts and may use or distribute earnings only as the escrow agreement allows.

Segregation of accounts -- Duties specified by agreement -- Duties generally. Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose. Funds may be paid from trust accounts only in accordance with the terms and conditions of the escrow agreement. An agent may maintain a general trust account and individual accounts for specific escrows in the agent's discretion, subject to any specific terms and conditions of an escrow agreement. Earnings on funds held in an escrow trust account may be periodically dispersed to the escrow agent if the escrow contract specifically provides for such disbursements. Otherwise, earnings on funds held in escrow may be paid out of the escrow account to any other party in accordance with the provisions of the escrow agreement if the agreement does not otherwise provide for payment of the earnings or any portion of the earnings on the escrow funds. All other assets or property received by an escrow agent in accordance with an escrow agreement shall be maintained in a manner which will reasonably preserve and protect the property from loss, theft, or damage, and which will otherwise comply with all duties and responsibilities of a fiduciary or bailee generally.
Section 7-22-108Verify source
§ 7-22-108(1)Subsection 7-22-108(1)Provision

Source excerpt

Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose.

Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose. Funds may be paid from trust accounts only in accordance with the terms and conditions of the escrow agreement. An agent may maintain a general trust account and individual accounts for specific escrows in the agent's discretion, subject to any specific terms and conditions of an escrow agreement. Earnings on funds held in an escrow trust account may be periodically dispersed to the escrow agent if the escrow contract specifically provides for such disbursements. Otherwise, earnings on funds held in escrow may be paid out of the escrow account to any other party in accordance with the provisions of the escrow agreement if the agreement does not otherwise provide for payment of the earnings or any portion of the earnings on the escrow funds.
Section 7-22-108(1)Verify source
§ 7-22-108(2)Subsection 7-22-108(2)Provision

Source excerpt

An escrow agent must maintain property received under an escrow agreement so it is reasonably protected from loss, theft, or damage.

All other assets or property received by an escrow agent in accordance with an escrow agreement shall be maintained in a manner which will reasonably preserve and protect the property from loss, theft, or damage, and which will otherwise comply with all duties and responsibilities of a fiduciary or bailee generally.
Section 7-22-108(2)Verify source

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