7-1-613 - Incompetency of savings account owner. - Utah Statutes

7-1-613. Incompetency of savings account owner.
When a savings account is held in any depository institution by a person who becomesincompetent and an adjudication of incompetency has been made by a court of competentjurisdiction, the institution may pay or deliver the withdrawal value of the savings account andany earnings that may have accrued on the account to the conservator for that person upon proofof his appointment and qualification. However, if the institution has received no written noticeand is not on actual notice that the savings account holder has been adjudicated incompetent, itmay pay or deliver the funds to the holder in accordance with the provision of the savings accountcontract, and the receipt or acquittance of the holder therefor shall be a valid and sufficient releaseand discharge of the institution for the payment or delivery so made.

Enacted by Chapter 16, 1981 General Session