Every check, draft, order, or other like instrument printed for a customer of any institution issuing transaction accounts in the state as part of a series after the effective date of this act shall have on its face the name and address of the account holder, the month and year the account was opened, and the number of the check, draft, order, or other like instrument in unbroken, sequential, numerical order, beginning with the number 101, except for initial deposits to open a new account or in case of lost or stolen checks when a limited supply of unnumbered counterchecks may be issued.

All certificates or evidences of deposit made by the proper officers of any bank bind the bank with or without its corporate seal affixed. No bank shall issue any bill, note, or certificate intended to circulate as money. Enacted by Chapter 16, 1981 General Session

It shall be unlawful for any bank to certify any check drawn upon the bank unless the person drawing the check has on deposit with the bank at the time the check is certified an amount of money equal to the amount specified in the check. Enacted by Chapter 16, 1981 General Session

This legal document defines the term ‘banking business’ and outlines the criteria for a person to be considered a bank subject to the provisions of the Financial Institutions Act. A person conducting a banking business must be authorized under the laws of this state, another state, the United States, the District of Columbia, or a territory of the United States to accept deposits from the public and conduct other authorized business activities.

A bank may lend its funds or extend credit to any executive officer or director of the bank or to any person who directly or indirectly owns, controls, or has the power to vote 10% or more of any class of voting securities of the bank only in the manner and to the extent that the commissioner may prescribe by regulation. Any limitations imposed by the commissioner under this section may not be more restrictive than those prescribed by regulations issued by the bank’s federal supervisory or insuring agency.

This legal document governs the registration of industrial bank holding companies in Utah. Industrial bank holding companies are required to register with the department by filing a registration statement that includes information about their officers and directors, financial condition, and authorization to transact business in the state. The document also specifies that forming an industrial bank holding company requires authorization from the commissioner and registration with the department. However, certain exemptions from registration are provided for bank holding companies or savings and loan holding companies subject to federal regulation, persons that own or control voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities for a period of 120 days or less, persons exempt from the jurisdiction of the department under Section 7-1-502, and persons exempted in writing by the commissioner or by rule.

This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, circulars, clearinghouse rules, or agreements. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or a specified bank. The time of settlement varies depending on the method of tender, such as cash, credit in a federal reserve bank account, credit or debit to a bank account, or funds transfer.

This legal document governs the final payment of an item by a payor bank. It outlines the conditions under which an item is considered finally paid, including when the payor bank pays the item in cash, settles for the item without the right to revoke the settlement, or makes a provisional settlement and fails to revoke it within the permitted time. The document also explains that if provisional settlement does not become final, the item is not considered finally paid.

This legal document governs the actions and responsibilities of payor banks in the collection of items. It outlines the conditions under which a payor bank can settle for a demand item and the rights of the payor bank to revoke the settlement and recover the payment. The document specifies that a payor bank can return the item or send written notice of dishonor or nonpayment if the item is unavailable for return.

This legal document, found in the Utah Code under the Uniform Commercial Code - Bank Deposits and Collections, specifically addresses the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the bank does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid it in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed.