7-1-603 - Final settlement of savings account -- Limitation of action on accuracy of statement. - Utah Statutes

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7-1-603. Final settlement of savings account -- Limitation of action on accuracy ofstatement.
(1) If the depository institution in the course of its business regularly records the creditbalances of savings accounts in the savings account passbooks of its depositors or rendersstatements of the credit balances in their savings accounts at regular intervals, the credit balanceof any savings account with the depository institution as evidenced by its records is considered,after a period of six years from the date of the credit balance as shown by these records, to befinally adjusted and settled and its correctness is conclusively presumed.
(2) The owner of the savings account may not maintain an action on the correctness oraccuracy of the credit balance, unless it is commenced within the six-year period described inSubsection (1).

Enacted by Chapter 16, 1981 General Session

State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-01 > 7-1-603

7-1-603. Final settlement of savings account -- Limitation of action on accuracy ofstatement.
(1) If the depository institution in the course of its business regularly records the creditbalances of savings accounts in the savings account passbooks of its depositors or rendersstatements of the credit balances in their savings accounts at regular intervals, the credit balanceof any savings account with the depository institution as evidenced by its records is considered,after a period of six years from the date of the credit balance as shown by these records, to befinally adjusted and settled and its correctness is conclusively presumed.
(2) The owner of the savings account may not maintain an action on the correctness oraccuracy of the credit balance, unless it is commenced within the six-year period described inSubsection (1).

Enacted by Chapter 16, 1981 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-01 > 7-1-603

7-1-603. Final settlement of savings account -- Limitation of action on accuracy ofstatement.
(1) If the depository institution in the course of its business regularly records the creditbalances of savings accounts in the savings account passbooks of its depositors or rendersstatements of the credit balances in their savings accounts at regular intervals, the credit balanceof any savings account with the depository institution as evidenced by its records is considered,after a period of six years from the date of the credit balance as shown by these records, to befinally adjusted and settled and its correctness is conclusively presumed.
(2) The owner of the savings account may not maintain an action on the correctness oraccuracy of the credit balance, unless it is commenced within the six-year period described inSubsection (1).

Enacted by Chapter 16, 1981 General Session