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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-102, 2026

Only listed entities may be a trust company, and only a trust company may engage in the trust business in this state. Certain out-of-state institutions, federally related depository institutions and subsidiaries, and…

Source excerpt

corporate ownershipdepository institutionsfiduciary capacitystatutory exceptionstrust activitiestrust businesstrust company authorizationtrust company eligibility
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2026
Dates
Enacted 2026
More statute details
Dates
Enacted 2026
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01

Purpose and legislative effect

“Only listed entities may be a trust company, and only a trust company may engage in the trust business in this state. Certain out-of-state institutions, federally related depository institutions and subsidiaries, and certain state agencies are excepted from the chapter’s requirements in specified circumstances.”

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    Enacted 2026. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Allowable trust companies -- Exceptions.

Only listed entities may be a trust company, and only a trust company may engage in the trust business in this state. Certain out-of-state institutions, federally related depository institutions and subsidiaries, and certain state agencies are excepted from…

Section 7-5-102

Subsection 7-5-102(1)(b)

Refers to an out-of-state depository institution authorized to do business in this state, or that institution’s wholly owned subsidiary.

Section 7-5-102(1)(b)

Subsection 7-5-102(1)(e)

any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981.

Section 7-5-102(1)(e)

Subsection 7-5-102(3)

This chapter’s requirements do not apply to certain out-of-state trust businesses, certain depository institutions and their wholly owned subsidiaries when federally authorized to do trust business in the state, or state agencies authorized by statute to act…

Section 7-5-102(3)

Subsection 7-5-102(3)(c)

A state agency may be within the category of entities authorized by statute to act as a conservator, receiver, guardian, trustee, or other fiduciary.

Section 7-5-102(3)(c)

04

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In force source record

Source record from le.utah.gov · Enacted 2026

In force

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Showing 12 of 12 provisions

Provision 12

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-102Allowable trust companies -- Exceptions.Provision

Source excerpt

Only listed entities may be a trust company, and only a trust company may engage in the trust business in this state. Certain out-of-state institutions, federally related depository institutions and subsidiaries, and certain state agencies are excepted from the chapter’s requirements in specified circumstances.

Allowable trust companies -- Exceptions. Only the following may be a trust company: a Utah depository institution or the Utah depository institution's wholly owned subsidiary; an out-of-state depository institution authorized to engage in business as a depository institution in this state or the out-of-state depository institution's wholly owned subsidiary; a corporation, including a credit union service organization, owned entirely by one or more federally insured depository institutions as defined in Subsection 7-1-103(8) ; a direct or indirect subsidiary of a depository institution holding company that also has a direct or indirect subsidiary authorized to engage in business as a depository institution in this state; and any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981. Only a trust company may engage in the trust business in this state. The requirements of this chapter do not apply to: an institution authorized to engage in trust business in another state that engages in trust activities in this state solely to fulfill the institution's duties as a trustee of a trust created and administered in another state; a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, or a wholly owned subsidiary of a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, to the extent the institution is authorized by the institution's primary federal regulator to engage in trust business in this state; or a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.
Section 7-5-102Verify source
§ 7-5-102(1)Subsection 7-5-102(1)Provision

Source excerpt

Only the following may be a trust company: a Utah depository institution or the Utah depository institution's wholly owned subsidiary; an out-of-state depository institution authorized to engage in business as a depository institution in

Only the following may be a trust company: a Utah depository institution or the Utah depository institution's wholly owned subsidiary; an out-of-state depository institution authorized to engage in business as a depository institution in this state or the out-of-state depository institution's wholly owned subsidiary; a corporation, including a credit union service organization, owned entirely by one or more federally insured depository institutions as defined in Subsection 7-1-103(8) ; a direct or indirect subsidiary of a depository institution holding company that also has a direct or indirect subsidiary authorized to engage in business as a depository institution in this state; and any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981.
Section 7-5-102(1)Verify source
§ 7-5-102(1)(a)Subsection 7-5-102(1)(a)Provision

Source excerpt

This text identifies a Utah depository institution or its wholly owned subsidiary.

a Utah depository institution or the Utah depository institution's wholly owned subsidiary;
Section 7-5-102(1)(a)Verify source
§ 7-5-102(1)(b)Subsection 7-5-102(1)(b)Provision

Source excerpt

Refers to an out-of-state depository institution authorized to do business in this state, or that institution’s wholly owned subsidiary.

an out-of-state depository institution authorized to engage in business as a depository institution in this state or the out-of-state depository institution's wholly owned subsidiary;
Section 7-5-102(1)(b)Verify source
§ 7-5-102(1)(c)Subsection 7-5-102(1)(c)Provision

Source excerpt

This text describes a corporation, including a credit union service organization, that is entirely owned by one or more federally insured depository institutions.

a corporation, including a credit union service organization, owned entirely by one or more federally insured depository institutions as defined in Subsection 7-1-103(8) ;
Section 7-5-102(1)(c)Verify source
§ 7-5-102(1)(d)Subsection 7-5-102(1)(d)Provision

Source excerpt

a direct or indirect subsidiary of a depository institution holding company that also has a direct or indirect subsidiary authorized to engage in business as a depository institution in this state; and

a direct or indirect subsidiary of a depository institution holding company that also has a direct or indirect subsidiary authorized to engage in business as a depository institution in this state; and
Section 7-5-102(1)(d)Verify source
§ 7-5-102(1)(e)Subsection 7-5-102(1)(e)Provision

Source excerpt

any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981.

any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981.
Section 7-5-102(1)(e)Verify source
§ 7-5-102(2)Subsection 7-5-102(2)Provision

Source excerpt

Only a trust company may engage in the trust business in this state.

Only a trust company may engage in the trust business in this state.
Section 7-5-102(2)Verify source
§ 7-5-102(3)Subsection 7-5-102(3)Provision

Source excerpt

This chapter’s requirements do not apply to certain out-of-state trust businesses, certain depository institutions and their wholly owned subsidiaries when federally authorized to do trust business in the state, or state agencies authorized by statute to act in fiduciary roles.

The requirements of this chapter do not apply to: an institution authorized to engage in trust business in another state that engages in trust activities in this state solely to fulfill the institution's duties as a trustee of a trust created and administered in another state; a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, or a wholly owned subsidiary of a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, to the extent the institution is authorized by the institution's primary federal regulator to engage in trust business in this state; or a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.
Section 7-5-102(3)Verify source
§ 7-5-102(3)(a)Subsection 7-5-102(3)(a)Provision

Source excerpt

An out-of-state institution authorized for trust business is described as engaging in trust activities in this state only to carry out its duties as trustee for a trust created and administered in another state.

an institution authorized to engage in trust business in another state that engages in trust activities in this state solely to fulfill the institution's duties as a trustee of a trust created and administered in another state;
Section 7-5-102(3)(a)Verify source
§ 7-5-102(3)(b)Subsection 7-5-102(3)(b)Provision

Source excerpt

This text identifies a category of depository institutions and their wholly owned subsidiaries, limited to the extent their primary federal regulator authorizes trust business in this state.

a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, or a wholly owned subsidiary of a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, to the extent the institution is authorized by the institution's primary federal regulator to engage in trust business in this state; or
Section 7-5-102(3)(b)Verify source
§ 7-5-102(3)(c)Subsection 7-5-102(3)(c)Provision

Source excerpt

A state agency may be within the category of entities authorized by statute to act as a conservator, receiver, guardian, trustee, or other fiduciary.

a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.
Section 7-5-102(3)(c)Verify source

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