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6,137 statutes · page 292 of 307
United States — Utah legislation
20 statutes shown from 6,137 source-backed records
A trust company needs a permit from the commissioner before it may accept certain court- or law-based fiduciary appointments in Utah, subject to listed exceptions.
A person seeking authorization to become a trust company in this state must file an application with the commissioner and pay the required fee. The commissioner must consider listed factors when deciding whether to approve the application, may not make approval harder for a state-chartered depository institution than f
A trust company seeking to withdraw from trust business must give the commissioner satisfactory proof that it has been released from all obligations and trusts it undertook. After that proof is provided, the commissioner must revoke the company’s permit to do trust business in the state. Once the permit is revoked, the
Revocation of trust authority -- Procedure -- Violations. 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
A trust company must keep confidential communications and writings about a covered agency or fiduciary account. Some creditors or stockholders may not get disclosure or knowledge, but a court may order disclosure in a related proceeding, and the section does not stop the trust company from filing suit to protect trust
A trust company must invest or distribute trust money as soon as practicable under the account instrument, and it may not hold that money longer than reasonably necessary without investing it.
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
A trust company may require nominee registration for certain securities and, for investments covered by Subsection (4), must keep records, possession or control, and separate custody.
A trust company generally may not lend trust-account funds to itself or to its officers, directors, or employees, unless the listed authorization conditions are met.
Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities. Except as provided in Section 7-5-109 , Title 75B, Trusts, or as authorized under the instrument creating the relationship, a
Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit. A committee of the board of directors, excluding any active officers of the trust department, of every trust company
A trust company may establish and participate in collective investment funds, and a person may invest in them, subject to stated regulatory and document-based conditions.
An eligible trust company may merge, consolidate, acquire, transfer, assume liabilities, or reorganize, subject to specified sections and approvals. After final commissioner approval and notice, the resulting or acquiring trust company succeeds to the transferring trust company’s rights and duties; an interested person
Assets of trust company in possession of the commissioner. With respect to the assets of a trust company in the possession of the commissioner under Chapter 2, Possession of Depository Institution by Commissioner , notwithstanding any law
Dividends. The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in
An industrial bank may buy, hold, and convey real estate, except premises used for its business, only as allowed by rule.
An industrial bank may invest in property used in its own business, but those investments generally cannot exceed 50% of its total capital unless the commissioner approves a higher amount in writing.
An industrial bank must charge off certain overdue demand and matured debts as bad debts, unless they are well secured and being collected, and must keep supporting collection and security records.
Industrial bank holding companies must register with the department through a commissioner-prescribed statement.
A quorum of each industrial bank’s board of directors must meet at least once every quarter, and the secretary must keep and maintain the board minutes.
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