7-1-604 - Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception. - Utah Statutes

7-1-604. Savings accounts -- Qualifications to hold -- Representation -- Transfer --Holder treated as owner -- Exception.
(1) Savings accounts may be opened and held solely and absolutely by any adult or minorindividual, male or female, single or married in his or her own right or in trust or other fiduciarycapacity for any such adult or minor.
(2) Savings accounts shall be represented only by the account of each savings accountholder on the books of the depository institution.
(3) Savings accounts shall be transferable only on the books of the depository institutionand only upon written application. Acceptance by the institution of the transferee as an accountholder may only be upon terms approved by its board of directors. Nothing in this subsection shallbe construed as prohibiting the transfer of part or all of the funds in a transaction account to athird party by means of checks, drafts, or other instruments or by electronic means.
(4) The institution may treat the holder of record of a savings account as the owner of theaccount for all purposes and may disregard any notice to the contrary, unless the institution hasacknowledged, in writing, notice of a pledge of the savings account.

Enacted by Chapter 16, 1981 General Session