2011 Utah Code
Title 7 Financial Institutions Act
Chapter 7 Savings and Loan Associations Act
Section 26 Redemption of savings accounts.

7-7-26. Redemption of savings accounts.
At any time funds are on hand for the purpose, the association may redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts on an earnings date by giving 30 days' notice by registered or certified mail addressed to each affected account holder at his last address as recorded on the books of the association. No association shall redeem any of its savings accounts when the association is in an impaired condition or when it has applications for withdrawal which have been on file more than 14 days and have not been paid. The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in no event shall the redemption price be less than the withdrawal value. If the notice of redemption has been duly given and if on or before the redemption date the funds necessary for redemption have been set aside so as to be and continue to be available for redemption, earnings upon the accounts called for redemption shall cease to accrue from and after the earnings date specified as the redemption date, and all rights with respect to these accounts shall forthwith, after the redemption date, terminate, excepting only any right of the account holder of record to receive the redemption price without interest. All savings account books or certificates evidencing former savings accounts which have been validly called for redemption shall be tendered for payment within seven years from the date of redemption designated in the redemption notice, otherwise they shall be cancelled and the funds set aside for those accounts presumed abandoned, and they shall be disposed of in accordance with the provisions of Title 67, Chapter 4a, Unclaimed Property Act.