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Utah Code Title 75A. Fiduciaries § 75A-1-208. Checks drawn in name of a principal

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) If a fiduciary draws a check upon the account of the fiduciary's principal in a bank that is authorized to draw checks upon the principal's account and the bank is authorized to pay the check, the bank is not liable to the principal unless:

(a) the bank pays the check with actual knowledge that the fiduciary is committing a breach of the fiduciary's obligation in drawing the check; or

(b) the bank knows that paying the check amounts to bad faith.

(2) Notwithstanding Subsection (1), the bank is liable to a principal if:

(a) the principal's fiduciary deposits a check in the name of the principal as payment to the bank for payment of, or as security for, a personal debt of the fiduciary; and

(b) the fiduciary commits a breach of the fiduciary's obligation in drawing or delivering the check to the bank.

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Cite this article: FindLaw.com - Utah Code Title 75A. Fiduciaries § 75A-1-208. Checks drawn in name of a principal - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-75a-fiduciaries/ut-code-sect-75a-1-208/

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