Utah Code § 7-28-112
Term and termination
Utah · Utah Code Title 7 — Financial Institutions Act · Status: effective
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- Citation
- Utah Code § 7-28-112, Term and termination, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2324668
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Full text
(1) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
(2) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
(3) A bank that pays the remaining balance as provided under Subsection (2) has no further obligation with respect to the special deposit.