Utah § 7-22-108 - Segregation of accounts -- Duties specified by agreement -- Duties generally.
Full text of Utah Utah Code § 7-22-108 — Segregation of accounts -- Duties specified by agreement -- Duties generally., with citation guidance and answers to common questions.
§ 7-22-108. Segregation of accounts -- Duties specified by agreement -- Duties generally.
| (1) | Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose. Funds may be paid from trust accounts only in accordance with the terms and conditions of the escrow agreement. An agent may maintain a general trust account and individual accounts for specific escrows in the agent's discretion, subject to any specific terms and conditions of an escrow agreement. Earnings on funds held in an escrow trust account may be periodically dispersed to the escrow agent if the escrow contract specifically provides for such disbursements. Otherwise, earnings on funds held in escrow may be paid out of the escrow account to any other party in accordance with the provisions of the escrow agreement if the agreement does not otherwise provide for payment of the earnings or any portion of the earnings on the escrow funds. |
| (2) | All other assets or property received by an escrow agent in accordance with an escrow agreement shall be maintained in a manner which will reasonably preserve and protect the property from loss, theft, or damage, and which will otherwise comply with all duties and responsibilities of a fiduciary or bailee generally. |
Enacted by Chapter 133, 1991 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 7-22-108
What does Utah Code § 7-22-108 cover?
Section 7-22-108 ("Segregation of accounts -- Duties specified by agreement -- Duties generally.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 7-22-108?
A common citation format is "Utah Code § 7-22-108" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 7-22-108 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Utah.