7-28-108. When creditor process enforceable against bank.
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/ut/title-7/chapter-28/7-28-108A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
7-28-108. When creditor process enforceable against bank.
(1)Subject to Subsection
(2), creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit.
(2)Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is obligated to pay a beneficiary or a depositor if the process:
(a)is served on the bank;
(b)provides sufficient information to permit the bank to identify the depositor or the beneficiary from the bank's books and records; and
(c)gives the bank a reasonable opportunity to act on the process.
(a)Creditor process served on a bank before the creditor process is enforceable against the bank under Subsection
(2)does not create a right of the creditor against the bank or a duty of the bank to the creditor.
(b)Other law determines whether creditor process creates a lien enforceable against the beneficiary on a contingent interest of a beneficiary, including a depositor as a beneficiary, even if not enforceable against the bank.
Enacted by Chapter 482 , 2025 General Session