7-28-112. Term and termination.
110 words·~1 min read·
/ut/title-7/chapter-28/7-28-112A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
7-28-112. Term and termination.
(1)Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
(2)Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
(3)A bank that pays the remaining balance as provided under Subsection
(2)has no further obligation with respect to the special deposit.
Enacted by Chapter 482 , 2025 General Session