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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-108

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.

Source excerpt

affiliated depository institutionscollateral securitycommercial departmentcommercial departmentsdeposit insurancedepositary accountsdepository institutionsfiduciary accountsfiduciary distributionfiduciary investmentinterest on depositsinvestmentinvestment discretionsavings departmentsavings departmentssecurities approvaltrust accountstrust administrationtrust businesstrust companiestrust companytrust departmentstrust fundstrust moneytrustees
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“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.”

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Management and investment of trust money.

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.

Section 7-5-108

Subsection 7-5-108(5)

A trust company that is also a depository institution may deposit into the trust company's commercial department or savings department money that the trust company holds or receives as an agent or a fiduciary whether for investment or

Section 7-5-108(5)

Subsection 7-5-108(5)(c)(ii)

in the event of insolvency, a deposit of the trust company shall be treated as other general deposits are treated.

Section 7-5-108(5)(c)(ii)

Subsection 7-5-108(6)(c)

If the account-creating instrument expressly allows it, the trust company may deposit money into the affiliated depository institution without setting aside collateral securities under this section.

Section 7-5-108(6)(c)

Subsection 7-5-108(8)

This section does not allow its terms to alter, amend, or limit a trust company’s powers when it is acting in a fiduciary capacity under the creating instrument or order.

Section 7-5-108(8)

04

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In force source record

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

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Showing 21 of 21 provisions

Provision 19Amendment 2

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-108Management and investment of trust money.Amendment

Source excerpt

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.

Management and investment of trust money. A trust company shall invest or distribute money the trust company receives or holds as an agent or a fiduciary, whether for investment or distribution, as soon as practicable as authorized under the instrument creating the account. A trust company may not hold the money described in Subsection (1) without investing the money for any longer than is reasonably necessary. If the instrument creating an agency or fiduciary account authorizes the trust company, the trust company's officers, or the trust company's directors to exercise discretion over investments, the trust company, the trust company's officers, or the trust company's directors may invest money the trust company holds in the trust account under that instrument only in a class of securities that the directors of the trust company, or a committee of directors that the directors appoint, approve. If a trust company acts in an agency or a fiduciary capacity under appointment by a court with jurisdiction, the trust company shall make and account for the investments according to Title 75B, Trusts, unless the underlying instrument provides otherwise. A trust company that is also a depository institution may deposit into the trust company's commercial department or savings department money that the trust company holds or receives as an agent or a fiduciary whether for investment or distribution, to the credit of the trust company's trust department. When the money that a trust company deposits, in accordance with Subsection (5)(a) , into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that fiduciary or managing agency account, the trust company shall deliver to the trust department or put under the trust department's control collateral security as described in 12 C.F.R. Sec. 9.10. If the instrument that creates a fiduciary or managing agency account described in Subsection (5)(b) expressly provides that a trust company may deposit money into the commercial or savings department of the trust company: the trust company may deposit the money without setting aside collateral securities as required under this section; and in the event of insolvency, a deposit of the trust company shall be treated as other general deposits are treated. A trust company that deposits trust funds into the trust company's commercial or savings department is liable for interest on the deposits only at the rates, if any, the trust company pays on deposits of like kind not made to the credit of the trust company's trust department. A trust company may deposit in an affiliated depository institution money that a trust company receives or holds as agent or fiduciary, whether for investment or distribution. If money that a trust company deposits, in accordance with Subsection (6)(a) , into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that account, the depository institution shall deliver to the trust company or put under the trust company's control collateral security as described in 12 C.F.R. Sec. 9.10. If the instrument that creates the fiduciary or managing agency account described in Subsection (6)(b) expressly permits the trust company to deposit money into the affiliated depository institution: the trust company may deposit money without setting aside collateral securities in accordance with this section; and in the event of insolvency of the depository institution, deposits the trust company makes shall be treated as other general deposits are treated. A trust company that deposits trust money into an affiliated depository institution is liable for interest on the deposits only at the rates, if any, the depository institution pays on deposits of like kind. In carrying out all aspects of the trust company's trust business, a trust company has all the powers, privileges, and duties as set forth in Sections 75B-2-813 and 75B-2-814 with respect to trustees, whether the trust company acts as a trustee as defined in Section 75B-1-101 . Nothing in this section may alter, amend, or limit the powers of a trust company acting in a fiduciary capacity as specified in the particular instrument or order creating the fiduciary relationship.
Section 7-5-108Verify source
§ 7-5-108(1)Subsection 7-5-108(1)Provision

Source excerpt

A trust company must invest or distribute money it receives or holds as an agent or fiduciary as soon as practicable, consistent with the instrument creating the account.

A trust company shall invest or distribute money the trust company receives or holds as an agent or a fiduciary, whether for investment or distribution, as soon as practicable as authorized under the instrument creating the account.
Section 7-5-108(1)Verify source
§ 7-5-108(2)Subsection 7-5-108(2)Provision

Source excerpt

A trust company may not hold the referenced money without investing it longer than reasonably necessary.

A trust company may not hold the money described in Subsection (1) without investing the money for any longer than is reasonably necessary.
Section 7-5-108(2)Verify source
§ 7-5-108(3)Subsection 7-5-108(3)Provision

Source excerpt

If authorized by the governing instrument, the trust company, its officers, or its directors may invest trust-account money only in a class of securities approved by the company’s directors or an appointed committee.

If the instrument creating an agency or fiduciary account authorizes the trust company, the trust company's officers, or the trust company's directors to exercise discretion over investments, the trust company, the trust company's officers, or the trust company's directors may invest money the trust company holds in the trust account under that instrument only in a class of securities that the directors of the trust company, or a committee of directors that the directors appoint, approve.
Section 7-5-108(3)Verify source
§ 7-5-108(4)Subsection 7-5-108(4)Provision

Source excerpt

A trust company acting in an agency or fiduciary capacity under court appointment must make and account for its investments under Title 75B, unless the underlying instrument says otherwise.

If a trust company acts in an agency or a fiduciary capacity under appointment by a court with jurisdiction, the trust company shall make and account for the investments according to Title 75B, Trusts, unless the underlying instrument provides otherwise.
Section 7-5-108(4)Verify source
§ 7-5-108(5)Subsection 7-5-108(5)Provision

Source excerpt

A trust company that is also a depository institution may deposit into the trust company's commercial department or savings department money that the trust company holds or receives as an agent or a fiduciary whether for investment or

A trust company that is also a depository institution may deposit into the trust company's commercial department or savings department money that the trust company holds or receives as an agent or a fiduciary whether for investment or distribution, to the credit of the trust company's trust department. When the money that a trust company deposits, in accordance with Subsection (5)(a) , into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that fiduciary or managing agency account, the trust company shall deliver to the trust department or put under the trust department's control collateral security as described in 12 C.F.R. Sec. 9.10. If the instrument that creates a fiduciary or managing agency account described in Subsection (5)(b) expressly provides that a trust company may deposit money into the commercial or savings department of the trust company: the trust company may deposit the money without setting aside collateral securities as required under this section; and in the event of insolvency, a deposit of the trust company shall be treated as other general deposits are treated. A trust company that deposits trust funds into the trust company's commercial or savings department is liable for interest on the deposits only at the rates, if any, the trust company pays on deposits of like kind not made to the credit of the trust company's trust department.
Section 7-5-108(5)Verify source
§ 7-5-108(5)(a)Subsection 7-5-108(5)(a)Provision

Source excerpt

A trust company that is also a depository institution may place certain money into its commercial or savings department, credited to its trust department.

A trust company that is also a depository institution may deposit into the trust company's commercial department or savings department money that the trust company holds or receives as an agent or a fiduciary whether for investment or distribution, to the credit of the trust company's trust department.
Section 7-5-108(5)(a)Verify source
§ 7-5-108(5)(b)Subsection 7-5-108(5)(b)Provision

Source excerpt

If deposits in a fiduciary or managing agency account exceed the applicable federal deposit insurance amount, the trust company must provide collateral security to the trust department or place it under the trust department’s control.

When the money that a trust company deposits, in accordance with Subsection (5)(a) , into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that fiduciary or managing agency account, the trust company shall deliver to the trust department or put under the trust department's control collateral security as described in 12 C.F.R. Sec. 9.10.
Section 7-5-108(5)(b)Verify source
§ 7-5-108(5)(c)Subsection 7-5-108(5)(c)Provision

Source excerpt

A trust company may deposit money into its commercial or savings department if the creating instrument expressly allows it, and it does not have to set aside collateral securities in that case.

If the instrument that creates a fiduciary or managing agency account described in Subsection (5)(b) expressly provides that a trust company may deposit money into the commercial or savings department of the trust company: the trust company may deposit the money without setting aside collateral securities as required under this section; and in the event of insolvency, a deposit of the trust company shall be treated as other general deposits are treated.
Section 7-5-108(5)(c)Verify source
§ 7-5-108(5)(c)(i)Subsection 7-5-108(5)(c)(i)Provision

Source excerpt

The trust company may deposit the money without setting aside collateral securities required by this section.

the trust company may deposit the money without setting aside collateral securities as required under this section; and
Section 7-5-108(5)(c)(i)Verify source
§ 7-5-108(5)(c)(ii)Subsection 7-5-108(5)(c)(ii)Provision

Source excerpt

in the event of insolvency, a deposit of the trust company shall be treated as other general deposits are treated.

in the event of insolvency, a deposit of the trust company shall be treated as other general deposits are treated.
Section 7-5-108(5)(c)(ii)Verify source
§ 7-5-108(5)(d)Subsection 7-5-108(5)(d)Provision

Source excerpt

A trust company that deposits trust funds into its commercial or savings department is liable for interest only at the rates, if any, it pays on similar deposits not credited to its trust department.

A trust company that deposits trust funds into the trust company's commercial or savings department is liable for interest on the deposits only at the rates, if any, the trust company pays on deposits of like kind not made to the credit of the trust company's trust department.
Section 7-5-108(5)(d)Verify source
§ 7-5-108(6)Subsection 7-5-108(6)Provision

Source excerpt

A trust company may place certain money it holds as agent or fiduciary in an affiliated depository institution. If the deposited amount exceeds applicable federal deposit insurance, the depository institution must provide collateral security to the trust company or place it under the trust company’s control. If the account-creating instrument expressly allows the deposit, the trust company may deposit without setting aside collateral security, and the deposits are treated like other general deposits if the depository institution becomes insolvent. The trust company’s interest is limited to whatever interest the depository institution pays on comparable deposits.

A trust company may deposit in an affiliated depository institution money that a trust company receives or holds as agent or fiduciary, whether for investment or distribution. If money that a trust company deposits, in accordance with Subsection (6)(a) , into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that account, the depository institution shall deliver to the trust company or put under the trust company's control collateral security as described in 12 C.F.R. Sec. 9.10. If the instrument that creates the fiduciary or managing agency account described in Subsection (6)(b) expressly permits the trust company to deposit money into the affiliated depository institution: the trust company may deposit money without setting aside collateral securities in accordance with this section; and in the event of insolvency of the depository institution, deposits the trust company makes shall be treated as other general deposits are treated. A trust company that deposits trust money into an affiliated depository institution is liable for interest on the deposits only at the rates, if any, the depository institution pays on deposits of like kind.
Section 7-5-108(6)Verify source
§ 7-5-108(6)(a)Subsection 7-5-108(6)(a)Provision

Source excerpt

A trust company may deposit certain funds in an affiliated depository institution.

A trust company may deposit in an affiliated depository institution money that a trust company receives or holds as agent or fiduciary, whether for investment or distribution.
Section 7-5-108(6)(a)Verify source
§ 7-5-108(6)(b)Subsection 7-5-108(6)(b)Provision

Source excerpt

If a trust company’s deposit into a fiduciary or managing agency account exceeds applicable federal deposit insurance, the depository institution must provide collateral security to the trust company or place it under the trust company’s control.

If money that a trust company deposits, in accordance with Subsection (6)(a) , into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that account, the depository institution shall deliver to the trust company or put under the trust company's control collateral security as described in 12 C.F.R. Sec. 9.10.
Section 7-5-108(6)(b)Verify source
§ 7-5-108(6)(c)Subsection 7-5-108(6)(c)Provision

Source excerpt

If the account-creating instrument expressly allows it, the trust company may deposit money into the affiliated depository institution without setting aside collateral securities under this section.

If the instrument that creates the fiduciary or managing agency account described in Subsection (6)(b) expressly permits the trust company to deposit money into the affiliated depository institution: the trust company may deposit money without setting aside collateral securities in accordance with this section; and in the event of insolvency of the depository institution, deposits the trust company makes shall be treated as other general deposits are treated.
Section 7-5-108(6)(c)Verify source
§ 7-5-108(6)(c)(i)Subsection 7-5-108(6)(c)(i)Provision

Source excerpt

The trust company may deposit money without setting aside collateral securities, as allowed by this section.

the trust company may deposit money without setting aside collateral securities in accordance with this section; and
Section 7-5-108(6)(c)(i)Verify source
§ 7-5-108(6)(c)(ii)Subsection 7-5-108(6)(c)(ii)Provision

Source excerpt

in the event of insolvency of the depository institution, deposits the trust company makes shall be treated as other general deposits are treated.

in the event of insolvency of the depository institution, deposits the trust company makes shall be treated as other general deposits are treated.
Section 7-5-108(6)(c)(ii)Verify source
§ 7-5-108(6)(d)Subsection 7-5-108(6)(d)Provision

Source excerpt

A trust company that deposits trust money in an affiliated depository institution is liable for interest only at the rates the institution pays on deposits of like kind.

A trust company that deposits trust money into an affiliated depository institution is liable for interest on the deposits only at the rates, if any, the depository institution pays on deposits of like kind.
Section 7-5-108(6)(d)Verify source
§ 7-5-108(7)Subsection 7-5-108(7)Provision

Source excerpt

When carrying out its trust business, a trust company has the powers, privileges, and duties set out for trustees in the cited sections.

In carrying out all aspects of the trust company's trust business, a trust company has all the powers, privileges, and duties as set forth in Sections 75B-2-813 and 75B-2-814 with respect to trustees, whether the trust company acts as a trustee as defined in Section 75B-1-101 .
Section 7-5-108(7)Verify source
§ 7-5-108(8)Subsection 7-5-108(8)Amendment

Source excerpt

This section does not allow its terms to alter, amend, or limit a trust company’s powers when it is acting in a fiduciary capacity under the creating instrument or order.

Nothing in this section may alter, amend, or limit the powers of a trust company acting in a fiduciary capacity as specified in the particular instrument or order creating the fiduciary relationship.
Section 7-5-108(8)Verify source

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