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UTAH STATUTES AND CODES
7-17-9 - Actions on accounts established prior to 1979 -- Limitations on recovery.
7-17-9. Actions on accounts established prior to 1979 -- Limitations on recovery.
(1) With respect to any reserve account established prior to July 1, 1979 and for which nolegal action is pending as of January 1, 1979, no recovery shall be had in any action brought torequire payment of interest on, or other compensation for, the use prior to July 1, 1979, of thefunds in such account unless:
(a) An agreement in writing expressly so providing was executed by the borrower and thelender; or
(b) The borrower, or his successors or assigns, establishes by clear and convincingevidence an agreement between the parties that the lender would pay interest on or to otherwisecompensate the borrower for the use of the funds in such account. Use in the loan documents ofsuch words as "trust" or "pledge" alone does not establish the intent of the parties; and
(c) There is no federal law or regulation prohibiting the payment of interest on orotherwise compensating the borrower for the use of the funds in such an account.
(2) No action seeking payment of interest on or other compensation for the use of thefunds in any reserve account for any period prior to July 1, 1979, shall be brought after June 30,1981. Any recovery in any such action shall be limited to the four-year period immediatelypreceding the commencement of the action. No recovery shall be had in respect of any reserveaccount established prior to July 1, 1979 greater than if the provisions of Section 7-17-3 of thisact were applicable to such accounts.
(3) With respect to any reserve account established prior to July 1, 1979, an agreement inwriting between the lender and the borrower, or his successors or assigns, that (a) the provisionsof Section 7-17-3 of this act shall apply to all payments made subsequent to July 1, 1979, or (b)the borrower may exercise, for the period subsequent to July 1, 1979, either of the optionsprovided in Section 7-17-4 of this act, shall bar any recovery by the borrower, his successors orassigns, for interest on or other compensation for the use of the funds in such account for anyperiod prior to July 1, 1979.
(1) With respect to any reserve account established prior to July 1, 1979 and for which nolegal action is pending as of January 1, 1979, no recovery shall be had in any action brought torequire payment of interest on, or other compensation for, the use prior to July 1, 1979, of thefunds in such account unless:
(a) An agreement in writing expressly so providing was executed by the borrower and thelender; or
(b) The borrower, or his successors or assigns, establishes by clear and convincingevidence an agreement between the parties that the lender would pay interest on or to otherwisecompensate the borrower for the use of the funds in such account. Use in the loan documents ofsuch words as "trust" or "pledge" alone does not establish the intent of the parties; and
(c) There is no federal law or regulation prohibiting the payment of interest on orotherwise compensating the borrower for the use of the funds in such an account.
(2) No action seeking payment of interest on or other compensation for the use of thefunds in any reserve account for any period prior to July 1, 1979, shall be brought after June 30,1981. Any recovery in any such action shall be limited to the four-year period immediatelypreceding the commencement of the action. No recovery shall be had in respect of any reserveaccount established prior to July 1, 1979 greater than if the provisions of Section 7-17-3 of thisact were applicable to such accounts.
(3) With respect to any reserve account established prior to July 1, 1979, an agreement inwriting between the lender and the borrower, or his successors or assigns, that (a) the provisionsof Section 7-17-3 of this act shall apply to all payments made subsequent to July 1, 1979, or (b)the borrower may exercise, for the period subsequent to July 1, 1979, either of the optionsprovided in Section 7-17-4 of this act, shall bar any recovery by the borrower, his successors orassigns, for interest on or other compensation for the use of the funds in such account for anyperiod prior to July 1, 1979.
Amended by Chapter 378, 2010 General Session
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