7-28-104. Requirements for special deposit.
90 words·~1 min read·
/ut/title-7/chapter-28/7-28-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
7-28-104. Requirements for special deposit.
A deposit is a special deposit if the deposit is:
(1)a deposit of funds in a bank under an account agreement;
(2)for the benefit of at least two beneficiaries, one or more of which may be a depositor;
(3)denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;
(4)for a permissible purpose stated in the account agreement; and
(5)subject to a contingency.
Enacted by Chapter 482 , 2025 General Session