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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-105

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 pr…

Source excerpt

permit revocationtrust businesstrust business discontinuancetrust companiestrust company withdrawal
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“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”

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Withdrawal from trust business.

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…

Section 7-5-105

Subsection 7-5-105(1)

A trust company wanting to withdraw from trust business must give the commissioner satisfactory evidence that it has been released and discharged from all obligations and trusts it undertook.

Section 7-5-105(1)

Subsection 7-5-105(3)

After the commissioner revokes a trust company’s permit, the trust company may not use the word “trust” in its corporate name or in connection with its business, and may not administer any trust business.

Section 7-5-105(3)

Subsection 7-5-105(3)(a)

use the word "trust" in the trust company's corporate name or in connection with the trust company's business; or

Section 7-5-105(3)(a)

04

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In force source record

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

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Showing 6 of 6 provisions

Provision 6

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-105Withdrawal from trust business.Provision

Source excerpt

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 company may not use “trust” in its corporate name or business name, or administer any trust business.

Withdrawal from trust business. A trust company that desires to withdraw from and discontinue doing trust business shall furnish to the commissioner satisfactory evidence of the trust company's release and discharge from all the obligations and trusts the trust company undertakes. After the trust company provides the evidence required by Subsection (1) to the commissioner, the commissioner shall revoke the trust company's permit to engage in trust business in this state. After the commissioner revokes a trust company's permit in accordance with Subsection (2) , the trust company may not: use the word "trust" in the trust company's corporate name or in connection with the trust company's business; or undertake the administration of any trust business.
Section 7-5-105Verify source
§ 7-5-105(1)Subsection 7-5-105(1)Provision

Source excerpt

A trust company wanting to withdraw from trust business must give the commissioner satisfactory evidence that it has been released and discharged from all obligations and trusts it undertook.

A trust company that desires to withdraw from and discontinue doing trust business shall furnish to the commissioner satisfactory evidence of the trust company's release and discharge from all the obligations and trusts the trust company undertakes.
Section 7-5-105(1)Verify source
§ 7-5-105(2)Subsection 7-5-105(2)Provision

Source excerpt

After the trust company provides the required evidence to the commissioner, the commissioner must revoke the company’s permit to engage in trust business in this state.

After the trust company provides the evidence required by Subsection (1) to the commissioner, the commissioner shall revoke the trust company's permit to engage in trust business in this state.
Section 7-5-105(2)Verify source
§ 7-5-105(3)Subsection 7-5-105(3)Provision

Source excerpt

After the commissioner revokes a trust company’s permit, the trust company may not use the word “trust” in its corporate name or in connection with its business, and may not administer any trust business.

After the commissioner revokes a trust company's permit in accordance with Subsection (2) , the trust company may not: use the word "trust" in the trust company's corporate name or in connection with the trust company's business; or undertake the administration of any trust business.
Section 7-5-105(3)Verify source
§ 7-5-105(3)(a)Subsection 7-5-105(3)(a)Provision

Source excerpt

use the word "trust" in the trust company's corporate name or in connection with the trust company's business; or

use the word "trust" in the trust company's corporate name or in connection with the trust company's business; or
Section 7-5-105(3)(a)Verify source
§ 7-5-105(3)(b)Subsection 7-5-105(3)(b)Provision

Source excerpt

undertake the administration of any trust business.

undertake the administration of any trust business.
Section 7-5-105(3)(b)Verify source

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