2011 Utah Code
Title 7 Financial Institutions Act
Chapter 7 Savings and Loan Associations Act
Section 23 Savings accounts as legal investments and as deposits.

7-7-23. Savings accounts as legal investments and as deposits.
(1) (a) Personal representatives, administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, credit unions, and other similar types of financial organizations, charitable, educational, eleemosynary and public corporations, funds and organizations, may invest funds held by them, without any order of any court, in:
(i) savings accounts of insured associations that are under state supervision; and
(ii) in accounts of federal associations organized under the laws of the United States and under federal supervision.
(b) (i) These investments shall be considered legal investments for these funds.
(ii) With respect to investments by custodians, associations and federal associations are considered "banks" within the meaning of that term as used in Title 75, Chapter 5a, Uniform Transfers to Minors Act.
(2) The savings accounts and other accounts made legal investments by this section:
(a) are acceptable for deposits of securities when deposit of securities is required by Utah law or other legal mandate for any purpose; and
(b) in the amount of the bond, are acceptable for security without other security when security with a bond is required by Utah law or other legal mandate.
(3) The provisions of this section supplement:
(a) any other laws relating to and declaring what are legal investments for the persons, fiduciaries, corporations, and organizations' funds referred to in this section; and
(b) the laws relating to the deposit of securities and the making and filing of bonds for any purpose.