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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-28-110, 2025

A bank generally may not use recoupment or set off against a special deposit, except as allowed by subsections (2) or (3).

Source excerpt

bank feesdeposit accountoverdraft
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2025
Dates
Enacted 2025
More statute details
Dates
Enacted 2025
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01

Purpose and legislative effect

“A bank generally may not use recoupment or set off against a special deposit, except as allowed by subsections (2) or (3).”

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02

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Recoupment or set off.

A bank generally may not use recoupment or set off against a special deposit, except as allowed by subsections (2) or (3).

Section 7-28-110

Subsection 7-28-110(2)

An account agreement may let the bank debit a special deposit for specified purposes.

Section 7-28-110(2)

Subsection 7-28-110(2)(b)

for a fee assessed by the bank that relates to an overdraft in the special deposit account;

Section 7-28-110(2)(b)

Subsection 7-28-110(2)(c)

for costs incurred by the bank that relate directly to the special deposit; or

Section 7-28-110(2)(c)

Subsection 7-28-110(3)

A bank holding a special deposit may use recoupment or setoff against what it owes a beneficiary, even if it pays from the special deposit.

Section 7-28-110(3)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Enacted 2025

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Source-indexed provision map

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Showing 8 of 8 provisions

Provision 8

Part 7-28-1

part 7-28-1 Uniform Special Deposits Act

§ 7-28-110Recoupment or set off.Provision

Source excerpt

A bank generally may not use recoupment or set off against a special deposit, except as allowed by subsections (2) or (3).

Recoupment or set off. Except as provided in Subsection (2) or (3), a bank may not exercise a right of recoupment or set off against a special deposit. An account agreement may authorize the bank to debit the special deposit: when the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation; for a fee assessed by the bank that relates to an overdraft in the special deposit account; for costs incurred by the bank that relate directly to the special deposit; or to reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution. The bank holding a special deposit may exercise a right of recoupment or set off against an obligation to pay a beneficiary, even if the bank funds payment from the special deposit.
Section 7-28-110Verify source
§ 7-28-110(1)Subsection 7-28-110(1)Provision

Source excerpt

Except as allowed by Subsection (2) or (3), a bank may not use recoupment or setoff against a special deposit.

Except as provided in Subsection (2) or (3), a bank may not exercise a right of recoupment or set off against a special deposit.
Section 7-28-110(1)Verify source
§ 7-28-110(2)Subsection 7-28-110(2)Provision

Source excerpt

An account agreement may let the bank debit a special deposit for specified purposes.

An account agreement may authorize the bank to debit the special deposit: when the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation; for a fee assessed by the bank that relates to an overdraft in the special deposit account; for costs incurred by the bank that relate directly to the special deposit; or to reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution.
Section 7-28-110(2)Verify source
§ 7-28-110(2)(a)Subsection 7-28-110(2)(a)Provision

Source excerpt

The bank’s payment to the beneficiary is limited to the amount needed to discharge the obligation.

when the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation;
Section 7-28-110(2)(a)Verify source
§ 7-28-110(2)(b)Subsection 7-28-110(2)(b)Provision

Source excerpt

for a fee assessed by the bank that relates to an overdraft in the special deposit account;

for a fee assessed by the bank that relates to an overdraft in the special deposit account;
Section 7-28-110(2)(b)Verify source
§ 7-28-110(2)(c)Subsection 7-28-110(2)(c)Provision

Source excerpt

for costs incurred by the bank that relate directly to the special deposit; or

for costs incurred by the bank that relate directly to the special deposit; or
Section 7-28-110(2)(c)Verify source
§ 7-28-110(2)(d)Subsection 7-28-110(2)(d)Provision

Source excerpt

A bank may reverse an earlier credit to the balance of a special deposit account when that reversal is warranted under other state law on mistake and restitution.

to reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution.
Section 7-28-110(2)(d)Verify source
§ 7-28-110(3)Subsection 7-28-110(3)Provision

Source excerpt

A bank holding a special deposit may use recoupment or setoff against what it owes a beneficiary, even if it pays from the special deposit.

The bank holding a special deposit may exercise a right of recoupment or set off against an obligation to pay a beneficiary, even if the bank funds payment from the special deposit.
Section 7-28-110(3)Verify source

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