2011 Utah Code
Title 7 Financial Institutions Act
Chapter 7 Savings and Loan Associations Act
Section 22 Savings accounts -- Liabilities -- Opening -- Relationship between association and account holder -- Earnings -- Preferences -- Types of accounts.

7-7-22. Savings accounts -- Liabilities -- Opening -- Relationship between association and account holder -- Earnings -- Preferences -- Types of accounts.
The savings liability of an association is not limited, but shall consist only of the aggregate amount of its savings accounts, plus earnings credited to those accounts, less redemption and withdrawal payments. Except as limited by the board of directors from time to time, an account holder may make additions to his savings accounts in such amounts and at such times as he may elect. Savings accounts may be opened for cash or property in which the association is authorized to invest, and, in the absence of fraud in a transaction, the value of the property taken in payment therefor as determined by the board of directors shall be conclusive. The relationship between an association and its account holders is that of debtor and creditor. Except as may be provided in the rules of the commissioner governing conversions to capital stock associations, no member of a mutual association shall be responsible for any losses which its savings liability is not sufficient to satisfy, and no savings account shall be subject to assessment, nor shall the holder thereof be liable for any unpaid installments on his account. Earnings on savings accounts shall be fixed or otherwise declared in accordance with the provisions of this chapter. Except as provided in Section 7-7-24, no association shall prefer one of its savings accounts in an account classification over any other savings account in the same classification as to the right to participate in earnings. No preference between savings account members in a mutual association shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of such association. An association may issue, sell, negotiate, and advertise for issuance or sale, any type of savings account not prohibited by or inconsistent with the provisions of this chapter or other applicable law.