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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-28-106, 2025

Payment to beneficiary by bank. Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special…

Source excerpt

beneficiary paymentsdeposit accountsdischarge of obligations
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2025
Dates
Enacted 2025
More statute details
Dates
Enacted 2025
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“Payment to beneficiary by bank. Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. Except as”

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Payment to beneficiary by bank.

Payment to beneficiary by bank. Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. Except as

Section 7-28-106

Subsection 7-28-106(3)

Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is

Section 7-28-106(3)

Subsection 7-28-106(4)

Unless the account agreement says otherwise, the bank’s obligation to pay a beneficiary is immediately due.

Section 7-28-106(4)

Subsection 7-28-106(5)(b)

taking other action that: is permitted under the account agreement for the bank to obtain a discharge; or otherwise would constitute a discharge under law.

Section 7-28-106(5)(b)

Subsection 7-28-106(6)

If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under Subsection (5) would constitute a discharge

Section 7-28-106(6)

04

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In force source record

Source record from le.utah.gov · Enacted 2025

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Showing 13 of 13 provisions

Provision 13

Part 7-28-1

part 7-28-1 Uniform Special Deposits Act

§ 7-28-106Payment to beneficiary by bank.Provision

Source excerpt

Payment to beneficiary by bank. Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. Except as

Payment to beneficiary by bank. Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. Except as provided in Subsection (3) , the obligation to pay the beneficiary is excused if the funds available in the special deposit are insufficient to cover such payment. Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is more than one beneficiary, a pro rata share of the funds available. Payment to the beneficiary making the election under this Subsection (3) discharges the bank's obligation to pay a beneficiary and does not constitute an accord and satisfaction with respect to another person obligated to the beneficiary. Unless the account agreement provides otherwise, the obligation of the bank obligated to pay a beneficiary is immediately due and payable. The bank may discharge the bank's obligation under this section by: crediting another transaction account of the beneficiary; or taking other action that: is permitted under the account agreement for the bank to obtain a discharge; or otherwise would constitute a discharge under law. If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under Subsection (5) would constitute a discharge of the obligation of the other person under law that determines whether an obligation is satisfied.
Section 7-28-106Verify source
§ 7-28-106(1)Subsection 7-28-106(1)Provision

Source excerpt

The bank must pay a beneficiary when the special deposit has sufficient actually and finally collected funds, unless the account agreement says otherwise.

Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit.
Section 7-28-106(1)Verify source
§ 7-28-106(2)Subsection 7-28-106(2)Provision

Source excerpt

Payment to the beneficiary is excused if the special deposit does not have enough funds, except as provided in Subsection (3).

Except as provided in Subsection (3) , the obligation to pay the beneficiary is excused if the funds available in the special deposit are insufficient to cover such payment.
Section 7-28-106(2)Verify source
§ 7-28-106(3)Subsection 7-28-106(3)Provision

Source excerpt

Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is

Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is more than one beneficiary, a pro rata share of the funds available. Payment to the beneficiary making the election under this Subsection (3) discharges the bank's obligation to pay a beneficiary and does not constitute an accord and satisfaction with respect to another person obligated to the beneficiary.
Section 7-28-106(3)Verify source
§ 7-28-106(3)(a)Subsection 7-28-106(3)(a)Provision

Source excerpt

If the special deposit does not have enough funds to pay a beneficiary, the beneficiary may choose to receive the available funds or, if there is more than one beneficiary, a pro rata share.

Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is more than one beneficiary, a pro rata share of the funds available.
Section 7-28-106(3)(a)Verify source
§ 7-28-106(3)(b)Subsection 7-28-106(3)(b)Provision

Source excerpt

Payment to the beneficiary who made the election under this subsection discharges the bank’s duty to pay that beneficiary.

Payment to the beneficiary making the election under this Subsection (3) discharges the bank's obligation to pay a beneficiary and does not constitute an accord and satisfaction with respect to another person obligated to the beneficiary.
Section 7-28-106(3)(b)Verify source
§ 7-28-106(4)Subsection 7-28-106(4)Provision

Source excerpt

Unless the account agreement says otherwise, the bank’s obligation to pay a beneficiary is immediately due.

Unless the account agreement provides otherwise, the obligation of the bank obligated to pay a beneficiary is immediately due and payable.
Section 7-28-106(4)Verify source
§ 7-28-106(5)Subsection 7-28-106(5)Provision

Source excerpt

The bank may discharge its obligation under this section by crediting another transaction account of the beneficiary or by taking other permitted action that results in a discharge under law.

The bank may discharge the bank's obligation under this section by: crediting another transaction account of the beneficiary; or taking other action that: is permitted under the account agreement for the bank to obtain a discharge; or otherwise would constitute a discharge under law.
Section 7-28-106(5)Verify source
§ 7-28-106(5)(a)Subsection 7-28-106(5)(a)Provision

Source excerpt

crediting another transaction account of the beneficiary; or

crediting another transaction account of the beneficiary; or
Section 7-28-106(5)(a)Verify source
§ 7-28-106(5)(b)Subsection 7-28-106(5)(b)Provision

Source excerpt

taking other action that: is permitted under the account agreement for the bank to obtain a discharge; or otherwise would constitute a discharge under law.

taking other action that: is permitted under the account agreement for the bank to obtain a discharge; or otherwise would constitute a discharge under law.
Section 7-28-106(5)(b)Verify source
§ 7-28-106(5)(b)(i)Subsection 7-28-106(5)(b)(i)Provision

Source excerpt

The bank is permitted, under the account agreement, to obtain a discharge.

is permitted under the account agreement for the bank to obtain a discharge; or
Section 7-28-106(5)(b)(i)Verify source
§ 7-28-106(5)(b)(ii)Subsection 7-28-106(5)(b)(ii)Provision

Source excerpt

otherwise would constitute a discharge under law.

otherwise would constitute a discharge under law.
Section 7-28-106(5)(b)(ii)Verify source
§ 7-28-106(6)Subsection 7-28-106(6)Provision

Source excerpt

If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under Subsection (5) would constitute a discharge

If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under Subsection (5) would constitute a discharge of the obligation of the other person under law that determines whether an obligation is satisfied.
Section 7-28-106(6)Verify source

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