7-1-602 - Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected. - Utah Statutes

7-1-602. Final settlement of transaction account -- Limitation of action on accuracyof statement -- Duty to examine statement and notify of errors unaffected.
(1) Two years after a statement of a checking or other transaction account has beenrendered to a depositor, the account shall be considered finally adjusted and settled and itscorrectness conclusively presumed as of the date the statement is rendered.
(2) The depositor may not maintain an action on the correctness or accuracy of thestatement of account unless it is commenced within two years next after the date the statementwas rendered.
(3) For the purpose of this section a statement of account shall be considered rendered ifat the time the statement is purported to have been made, the depository institution in the courseof its business regularly mailed or otherwise delivered to its depositor customers monthly or atother regular intervals statements of their checking and other transaction accounts, itemizing debitand credit entries.
(4) The date the statement is rendered is considered to be the first day of the monthfollowing the period covered by the statement as evidenced by the record of the account kept bythe depository institution.
(5) Nothing in this section relieves a depositor from the duties imposed under Section70A-4-406 to examine the statement of account, when rendered by the depository institution, andto immediately notify the depository institution of any errors discovered in it, nor from the legalconsequences of neglect of those duties.

Enacted by Chapter 16, 1981 General Session