75-6-112 - Financial institution protection -- Discharge. - Utah Statutes

75-6-112. Financial institution protection -- Discharge.
Payment made pursuant to Section 75-6-108, 75-6-109, 75-6-110 or 75-6-111 dischargesthe financial institution from all claims for amounts so paid whether or not the payment isconsistent with the beneficial ownership of the account as between parties, P.O.D. payees, orbeneficiaries, or their successors. The protection here given does not extend to payments madeafter a financial institution has received written notice from any party able to request presentpayment to the effect that withdrawals in accordance with the terms of the account should not bepermitted. Unless the notice is withdrawn by the person giving it, the successor of any deceasedparty must concur in any demand for withdrawal if the financial institution is to be protectedunder this section. No other notice or any other information shown to have been available to afinancial institution shall affect its right to the protection provided here. The protection hereprovided shall have no bearing on the rights of parties in disputes between themselves or theirsuccessors concerning the beneficial ownership of funds in, or withdrawn from, multiple-partyaccounts.

Enacted by Chapter 150, 1975 General Session