Utah Code § 75-6-112

Financial institution protection -- Discharge
Open in Lexace · Ask the AI about this section
Payment made pursuant to Section 75-6-108, 75-6-109, 75-6-110 or 75-6-111 discharges the
financial institution from all claims for amounts so paid whether or not the payment is consistent
with the beneficial ownership of the account as between parties, P.O.D. payees, or beneficiaries,
or their successors. The protection here given does not extend to payments made after a financial
institution has received written notice from any party able to request present payment to the effect
that withdrawals in accordance with the terms of the account should not be permitted. Unless the
notice is withdrawn by the person giving it, the successor of any deceased party must concur in
any demand for withdrawal if the financial institution is to be protected under this section. No other
notice or any other information shown to have been available to a financial institution shall affect
its right to the protection provided here. The protection here provided shall have no bearing on
the rights of parties in disputes between themselves or their successors concerning the beneficial
ownership of funds in, or withdrawn from, multiple-party accounts.

‹ Prev All Utah sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.