7-5-1. Definitions — Allowable trust companies — Exceptions. (1) As used in this chapter: (a) “Business trust” means an entity engaged in a trade or business that is created by a declaration of trust that transfers property to trustees, to be held and managed by them for the benefit of persons holding certificates representing the […]
7-5-10. Lending trust funds to trust company, officer, director, or employee as felony. Unless expressly permitted in the instrument creating a trust account or by a person authorized to give that permission or by a court order as permitted in Section 75-7-802, no trust company shall lend to itself or to any officer or director […]
Effective 5/13/2014 7-5-11. Self-dealing with trust property — Own stock as trust property — Policies for dealing with trust securities. (1) Except as provided in Section 7-5-7, in Title 75, Utah Uniform Probate Code, or as authorized under the instrument creating the relationship, a trust company may not invest funds held as an agent or […]
7-5-12. Directors’ audit of trust business — Report available to commissioner or examiners — Examinations in lieu of audit. A committee of the board of directors, exclusive of any active officers of the trust department, of every trust company authorized to engage in the trust business in this state shall, at least once during a […]
7-5-13. Collective investment funds. (1) A person authorized to engage in the trust business in this state may: (a) establish collective investment funds that authorize participation by fiduciary or trust accounts of the trust company, its affiliates, or both; and (b) participate in collective investment funds established by an affiliate of the trust company, if: […]
7-5-14. Mergers, consolidations, acquisitions, transfers, or reorganizations involving entities engaged in trust business — Succession of rights and duties — Petition for appointment of another trust company. (1) As used in this section: (a) “Eligible trust company” means any of the following that is authorized under this chapter or the laws of the United States […]
Effective 5/13/2014 7-5-15. Assets of trust company in possession of the commissioner. With respect to a trust company in the possession of the commissioner under Chapter 2, Possession of Depository Institution by Commissioner, notwithstanding any law to the contrary, the assets held by the trust company in a fiduciary capacity as a part of its […]
Effective 5/13/2014 7-5-2. Permit required to engage in trust business — Exceptions. (1) No trust company shall accept any appointment to act in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under order or judgment of any court or by authority of any law […]
7-5-3. Application for authorization to engage in trust business — Criteria for granting — Authority of trust company. (1) A person seeking authorization to become a trust company and engage in the trust business in this state shall file an application with the commissioner in the manner provided in Section 7-1-704, and shall pay the […]
7-5-4. Withdrawal from trust business. Any trust company which desires to withdraw from and discontinue doing a trust business shall furnish to the commissioner satisfactory evidence of its release and discharge from all the obligations and trusts undertaken by it, and after the company has furnished that evidence the commissioner shall revoke his certificate of […]
7-5-5. Revocation of trust authority — Procedure. (1) (a) The commissioner may issue and serve upon a trust company a notice of intent to revoke the authority of the trust company to exercise the powers granted by this chapter, if, in the commissioner’s opinion, the trust company: (i) is unlawfully or unsoundly exercising the powers […]
Effective 5/13/2014 7-5-6. Confidentiality of communications and writings concerning trust — Actions to protect property or authorized under probate laws not precluded. Any trust company exercising the powers and performing the duties described in this chapter shall keep inviolate all communications and writings made to or by that trust company relating to the existence, condition, […]
Effective 5/13/2014 7-5-7. Management and investment of trust money. (1) Money received or held by a trust company as agent or fiduciary, whether for investment or distribution, shall be invested or distributed as soon as practicable as authorized under the instrument creating the account and may not be held uninvested any longer than is reasonably […]
Effective 5/13/2014 7-5-8. Segregation of trust assets — Books and records required — Examination — Trust property not subject to claims or debts against trust company. A trust company exercising the powers to act as an agent or fiduciary under this chapter shall segregate all assets held in any agency or fiduciary capacity from the […]
7-5-9. Registration of investment in name of nominee — Records — Possession of investment. (1) A trust company may cause any security, as defined in Section 75-1-201, held in its agency or fiduciary capacity to be registered and held in the name of a nominee or nominees of the trust company. The trust company shall […]
