Professional statute overview
Enactment structure, operative effect and source provenance
01
Purpose and legislative effect
“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”
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02
How the instrument operates
- 01
Start with the recorded version
Legal dates not recorded. The date shown identifies this source expression and should not be treated as proof that no later change exists.
- 02
Locate the controlling provision
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- 03
Read conditions and exceptions together
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- 04
Verify currency and official wording
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03
Research entry points
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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
Section 7-5-109
A trust company acting as an agent or fiduciary under this chapter must keep agency or fiduciary assets separate from its general assets and maintain separate books and records for each transaction.
Section 7-5-109(1)
keep a separate set of books and records showing in proper detail each transaction in which the trust company engages in accordance with this chapter.
Section 7-5-109(1)(b)
A trust company must allow the commissioner, an examiner appointed by the commissioner, and an appropriate regulating agency to inspect certain books and records.
Section 7-5-109(2)
Property the trust company holds in an agency or fiduciary capacity is not subject to claims or debts against the trust company.
Section 7-5-109(3)
04
Source and current-law status
In force source record
Source record from le.utah.gov · Legal dates not recorded
This source records the instrument as in force. Confirm subsequent amendments, commencement notices, and judicial treatment before relying on it.