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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-103

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.

Source excerpt

court-appointed fiduciary rolesemployee benefit trustsfiduciary appointmentsfiduciary capacitypermit requirementsretirement accountstrust business exceptionstrust company authorizationtrustee authorization
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“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.”

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02

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Subsection 7-5-103(2)

This subsection says the chapter does not bar certain corporations and depository institutions from serving in specified trustee or fiduciary roles.

Section 7-5-103(2)

Subsection 7-5-103(2)(d)

a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).

Section 7-5-103(2)(d)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 18 of 18 provisions

Provision 18

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-103Permit required to engage in trust business -- Exceptions.Provision

Source excerpt

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.

Permit required to engage in trust business -- Exceptions. Unless a trust company obtains from the commissioner a permit to engage in trust business in this state, the trust company may not accept an appointment to act in an agency or a fiduciary capacity by order or judgment of a court or by authority of any law of this state, including as a: personal representative; executor; administrator; conservator; guardian; assignee; receiver; depositary; or trustee. This Subsection (1) does not apply to a bank or other corporation authorized to engage and lawfully engaged in the trust business in this state before July 1, 1981. Nothing in this chapter prohibits: a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from acting as trustee of an employee benefit trust established for the employees of the corporation or the employees of one or more other corporations affiliated with the corporation; a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , and that a charitable, benevolent, eleemosynary, or religious organization owns or controls, from acting as a trustee for that organization or members of that organization but not offering trust services to the general public; a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from holding in a fiduciary capacity the controlling shares of another corporation but not offering trust services to the general public; or a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).
Section 7-5-103Verify source
§ 7-5-103(1)Subsection 7-5-103(1)Provision

Source excerpt

A trust company may not accept court- or law-based fiduciary appointments in this state unless it first gets a permit from the commissioner.

Unless a trust company obtains from the commissioner a permit to engage in trust business in this state, the trust company may not accept an appointment to act in an agency or a fiduciary capacity by order or judgment of a court or by authority of any law of this state, including as a: personal representative; executor; administrator; conservator; guardian; assignee; receiver; depositary; or trustee. This Subsection (1) does not apply to a bank or other corporation authorized to engage and lawfully engaged in the trust business in this state before July 1, 1981.
Section 7-5-103(1)Verify source
§ 7-5-103(1)(a)Subsection 7-5-103(1)(a)Provision

Source excerpt

A trust company may not accept a court-ordered or legally authorized fiduciary appointment in this state unless it first obtains a permit from the commissioner to engage in trust business in this state.

Unless a trust company obtains from the commissioner a permit to engage in trust business in this state, the trust company may not accept an appointment to act in an agency or a fiduciary capacity by order or judgment of a court or by authority of any law of this state, including as a: personal representative; executor; administrator; conservator; guardian; assignee; receiver; depositary; or trustee.
Section 7-5-103(1)(a)Verify source
§ 7-5-103(1)(a)(i)Subsection 7-5-103(1)(a)(i)Provision

Source excerpt

Mentions a personal representative.

personal representative;
Section 7-5-103(1)(a)(i)Verify source
§ 7-5-103(1)(a)(ii)Subsection 7-5-103(1)(a)(ii)Provision

Source excerpt

The term “executor” appears in this provision.

executor;
Section 7-5-103(1)(a)(ii)Verify source
§ 7-5-103(1)(a)(iii)Subsection 7-5-103(1)(a)(iii)Provision

Source excerpt

administrator;

administrator;
Section 7-5-103(1)(a)(iii)Verify source
§ 7-5-103(1)(a)(iv)Subsection 7-5-103(1)(a)(iv)Provision

Source excerpt

This subsection mentions a conservator.

conservator;
Section 7-5-103(1)(a)(iv)Verify source
§ 7-5-103(1)(a)(v)Subsection 7-5-103(1)(a)(v)Provision

Source excerpt

guardian;

guardian;
Section 7-5-103(1)(a)(v)Verify source
§ 7-5-103(1)(a)(vi)Subsection 7-5-103(1)(a)(vi)Provision

Source excerpt

The term “assignee” is used here.

assignee;
Section 7-5-103(1)(a)(vi)Verify source
§ 7-5-103(1)(a)(vii)Subsection 7-5-103(1)(a)(vii)Provision

Source excerpt

receiver;

receiver;
Section 7-5-103(1)(a)(vii)Verify source
§ 7-5-103(1)(a)(viii)Subsection 7-5-103(1)(a)(viii)Provision

Source excerpt

depositary; or

depositary; or
Section 7-5-103(1)(a)(viii)Verify source
§ 7-5-103(1)(a)(ix)Subsection 7-5-103(1)(a)(ix)Provision

Source excerpt

trustee.

trustee.
Section 7-5-103(1)(a)(ix)Verify source
§ 7-5-103(1)(b)Subsection 7-5-103(1)(b)Provision

Source excerpt

This subsection does not apply to certain banks or corporations already authorized and lawfully engaged in the trust business in Utah before July 1, 1981.

This Subsection (1) does not apply to a bank or other corporation authorized to engage and lawfully engaged in the trust business in this state before July 1, 1981.
Section 7-5-103(1)(b)Verify source
§ 7-5-103(2)Subsection 7-5-103(2)Provision

Source excerpt

This subsection says the chapter does not bar certain corporations and depository institutions from serving in specified trustee or fiduciary roles.

Nothing in this chapter prohibits: a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from acting as trustee of an employee benefit trust established for the employees of the corporation or the employees of one or more other corporations affiliated with the corporation; a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , and that a charitable, benevolent, eleemosynary, or religious organization owns or controls, from acting as a trustee for that organization or members of that organization but not offering trust services to the general public; a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from holding in a fiduciary capacity the controlling shares of another corporation but not offering trust services to the general public; or a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).
Section 7-5-103(2)Verify source
§ 7-5-103(2)(a)Subsection 7-5-103(2)(a)Provision

Source excerpt

A qualifying corporation may act as trustee of an employee benefit trust for its employees or for employees of affiliated corporations.

a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from acting as trustee of an employee benefit trust established for the employees of the corporation or the employees of one or more other corporations affiliated with the corporation;
Section 7-5-103(2)(a)Verify source
§ 7-5-103(2)(b)Subsection 7-5-103(2)(b)Provision

Source excerpt

A corporation organized under Utah nonprofit corporation law, and owned or controlled by certain charitable, benevolent, eleemosynary, or religious organizations, may act as trustee for that organization or its members, but not for the general public.

a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , and that a charitable, benevolent, eleemosynary, or religious organization owns or controls, from acting as a trustee for that organization or members of that organization but not offering trust services to the general public;
Section 7-5-103(2)(b)Verify source
§ 7-5-103(2)(c)Subsection 7-5-103(2)(c)Provision

Source excerpt

A qualifying corporation may hold controlling shares of another corporation in a fiduciary capacity, but it may not offer trust services to the general public.

a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from holding in a fiduciary capacity the controlling shares of another corporation but not offering trust services to the general public; or
Section 7-5-103(2)(c)Verify source
§ 7-5-103(2)(d)Subsection 7-5-103(2)(d)Provision

Source excerpt

a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).

a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).
Section 7-5-103(2)(d)Verify source

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