Utah Code Title 7. Financial Institutions Act § 7-16a-203. Contractual waiver of Uniform Commercial Code provisions
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Search Utah Code
Search by Keyword or Citation
(1)(a) Subject to Subsections (1)(b) and (2), if the application of Title 70A, Uniform Commercial Code, is inconsistent with the operation of an automated teller machine, a point-of-sale terminal, or both, the requirements of Title 70A, Uniform Commercial Code, may be varied by contractual agreement of any:
(i) depository institution;
(ii) switching facility; or
(iii) clearinghouse as defined by Section 70A-4-104.
(b) A contractual agreement under Subsection (1)(a) may not disclaim responsibility for or limit the measure of damages for a depository institution's, switching facility's, or clearing house's:
(i) lack of good faith; or
(ii) failure to exercise ordinary care.
(2) Notwithstanding Subsection (1)(a), the commissioner may, after notice and hearing, require rescission or modification of any provision of a contractual agreement permitted by Subsection (1)(a) if:
(a) that provision relates to the rights and obligations of:
(i) account holders of depository institutions;
(iii) merchant customers; or
(iv) others using or having access to automated teller machines, point-of-sale terminals, or both; and
(b) the commissioner finds the provision is unconscionable or contrary to the public interest.
Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-16a-203. Contractual waiver of Uniform Commercial Code provisions - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-16a-203.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?