Title 7, Title 7: Financial Institutions Act

7-28-108. When creditor process enforceable against bank. (1) Subject to Subsection, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit. (2) (2) Creditor process is enforceable against the bank holding a special depo…

7-28-109. Injunction or similar relief. A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special de…

7-28-110. Recoupment or set off. (1) Except as provided in Subsectionor (3), a bank may not exercise a right of recoupment or set off against a special deposit. (2) (2) An account agreement may authorize the bank to debit the special deposit: when the bank becomes obligated to pa…

7-28-111. Duties and liability of bank. (1) A bank does not have a fiduciary duty to any person with respect to a special deposit. (2) When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and benefi…

7-28-112. Term and termination. (1) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded. (2) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a ben…

7-28-113. Principles of law and equity. Title 70A, Uniform Commercial Code, consumer protection law, law governing deposits generally, law related to escheat and abandoned or unclaimed property, and the principles of law and equity, including law related to capacity to contract, …

7-28-114. Uniformity of application and construction. In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact this uniform act.

7-28-115. Transitional provision. This chapter applies to: (1) a special deposit made under an account agreement executed on or after May 7, 2025; and (2) a deposit made under an agreement executed before May 7, 2025, if: all parties entitled to amend the agreement agree to make …

7-28-116. Severability. If a provision of this chapter or the chapter's application to a person or circumstance is held invalid, the invalidity does not affect another provision or application that can be given effect without the invalid provision.

7-29-101. Definitions. As used in this chapter: (1) "Blockchain protocol" means any executable software deployed to enable the transfer of data and electronic records through a distributed network of nodes, including an additional standardized set of rules that uses a previously …

7-29-102. Permitted uses of digital assets. A state or local governmental entity may not prohibit, restrict, or impair a person's ability to: (1) accept digital assets as a method of payment for legal goods and services; or (2) take custody of digital assets using: a self-hosted …

7-29-103. Access to blockchain protocols and transfer of digital assets. A person may: (1) operate a node for the purpose of: connecting to a blockchain protocol; and participating in the blockchain protocol's operations; (2) develop software on a blockchain protocol; (3) transfe…

7-29-104. Exemption from money transmission license. The following activities do not require an individual or business to obtain a money transmitter license under Title 7, Chapter 25, Money Transmitter Act: (1) operating one or more nodes on a blockchain protocol; (2) developing …