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Utah Code Title 75A. Fiduciaries § 75A-1-209. Deposits in a fiduciary's personal account

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

If a principal authorizes a fiduciary to write or endorse a check for the principal, and the fiduciary writes a check payable to the fiduciary and deposits the check in a bank into the fiduciary's personal account:

(1) the bank is not bound to inquire whether a fiduciary is committing a breach of the fiduciary's obligation to a principal; and

(2) the bank is authorized to pay the amount of the deposit or any part of a personal check of the fiduciary without being liable to the principal unless:

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

(b) the bank knows that depositing the check for the fiduciary amounts to bad faith.

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Cite this article: FindLaw.com - Utah Code Title 75A. Fiduciaries § 75A-1-209. Deposits in a fiduciary's personal account - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-75a-fiduciaries/ut-code-sect-75a-1-209/

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