7-1-612 - Pledge or hypothecation of joint savings accounts.
7-1-612. Pledge or hypothecation of joint savings accounts.
The pledge or hypothecation to any depository institution of all or part of a savingsaccount in joint tenancy signed by any tenant or tenants whether minor or adult, upon whosesignature or signatures withdrawals may be made from the account shall, unless the terms of thesavings account provide specifically to the contrary, be a valid pledge and transfer to theinstitution of that part of the account pledged or hypothecated, and does not operate to sever orterminate the joint and survivorship ownership of all or any part of the account.
Amended by Chapter 378, 2010 General Session