7-7-23 - Savings accounts as legal investments and as deposits. - Utah Statutes

7-7-23. Savings accounts as legal investments and as deposits.
(1) (a) Personal representatives, administrators, executors, custodians, conservators,guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, businessand manufacturing companies, banks, trust companies, credit unions, and other similar types offinancial organizations, charitable, educational, eleemosynary and public corporations, funds andorganizations, may invest funds held by them, without any order of any court, in:
(i) savings accounts of insured associations that are under state supervision; and
(ii) in accounts of federal associations organized under the laws of the United States andunder federal supervision.
(b) (i) These investments shall be considered legal investments for these funds.
(ii) With respect to investments by custodians, associations and federal associations areconsidered "banks" within the meaning of that term as used in Title 75, Chapter 5a, UniformTransfers to Minors Act.
(2) The savings accounts and other accounts made legal investments by this section:
(a) are acceptable for deposits of securities when deposit of securities is required by Utahlaw or other legal mandate for any purpose; and
(b) in the amount of the bond, are acceptable for security without other security whensecurity with a bond is required by Utah law or other legal mandate.
(3) The provisions of this section supplement:
(a) any other laws relating to and declaring what are legal investments for the persons,fiduciaries, corporations, and organizations' funds referred to in this section; and
(b) the laws relating to the deposit of securities and the making and filing of bonds forany purpose.

Amended by Chapter 285, 1992 General Session