Utah Code § 7-28-106

(1) Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. (2) Except as provided in Subsection (3), the obligation to pay the beneficiary is excused if the funds available in the special deposit are insufficient to cover such payment. (3) (a) Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is more than one beneficiary, a pro rata share of the funds available. (b) Payment to the beneficiary making the election under this Subsection (3) discharges the bank's obligation to pay a beneficiary and does not constitute an accord and satisfaction with respect to another person obligated to the beneficiary. (4) Unless the account agreement provides otherwise, the obligation of the bank obligated to pay a beneficiary is immediately due and payable. (5) The bank may discharge the bank's obligation under this section by: (a) crediting another transaction account of the beneficiary; or (b) taking other action that: (i) is permitted under the account agreement for the bank to obtain a discharge; or (ii) otherwise would constitute a discharge under law. (6) If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under Subsection (5) would constitute a discharge of the obligation of the other person under law that determines whether an obligation is satisfied.