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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-111

A trust company generally may not lend trust-account funds to itself or to its officers, directors, or employees, unless the listed authorization conditions are met.

Source excerpt

corporate conductinternal controlslendinglending restrictionsloansrelated-party lendingtrust account lendingtrust accountstrust companiestrust funds
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A trust company generally may not lend trust-account funds to itself or to its officers, directors, or employees, unless the listed authorization conditions are met.”

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02

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03

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Subsection 7-5-111(2)

A trust company may lend funds to a person described in Subsection (1) if one of three authorization conditions is met.

Section 7-5-111(2)

04

Source and current-law status

In force source record

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

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Official record

Source-indexed provision map

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Showing 13 of 13 provisions

Provision 13

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-111Lending trust funds to trust company, officer, director, or employee a felony.Provision

Source excerpt

A trust company generally may not lend trust-account funds to itself or to its officers, directors, or employees, unless the listed authorization conditions are met.

Lending trust funds to trust company, officer, director, or employee a felony. Except as provided in Subsection (2) , a trust company may not lend funds that the trust company holds in a trust account in accordance with this chapter to: the trust company; an officer of the trust company; a director of the trust company; or an employee of the trust company. A trust company may lend funds to a person described in Subsection (1) if: the instrument creating a trust account authorizes the trust company to lend funds to the person; a person authorized to grant authorization to the trust company to lend funds to the person grants authorization; or a court issues an order in accordance with Section 75B-2-802 . An officer, a director, or an employee is guilty of a third degree felony if the officer, director, or employee: makes a loan in violation of Subsection (1) ; or receives a loan that violates Subsection (1) .
Section 7-5-111Verify source
§ 7-5-111(1)Subsection 7-5-111(1)Provision

Source excerpt

A trust company may not lend trust-account funds to itself or to its officers, directors, or employees, except as allowed by Subsection (2).

Except as provided in Subsection (2) , a trust company may not lend funds that the trust company holds in a trust account in accordance with this chapter to: the trust company; an officer of the trust company; a director of the trust company; or an employee of the trust company.
Section 7-5-111(1)Verify source
§ 7-5-111(1)(a)Subsection 7-5-111(1)(a)Provision

Source excerpt

This provision identifies “the trust company.”

the trust company;
Section 7-5-111(1)(a)Verify source
§ 7-5-111(1)(b)Subsection 7-5-111(1)(b)Provision

Source excerpt

Refers to an officer of the trust company.

an officer of the trust company;
Section 7-5-111(1)(b)Verify source
§ 7-5-111(1)(c)Subsection 7-5-111(1)(c)Provision

Source excerpt

Refers to a director of the trust company.

a director of the trust company; or
Section 7-5-111(1)(c)Verify source
§ 7-5-111(1)(d)Subsection 7-5-111(1)(d)Provision

Source excerpt

Refers to an employee of the trust company.

an employee of the trust company.
Section 7-5-111(1)(d)Verify source
§ 7-5-111(2)Subsection 7-5-111(2)Provision

Source excerpt

A trust company may lend funds to a person described in Subsection (1) if one of three authorization conditions is met.

A trust company may lend funds to a person described in Subsection (1) if: the instrument creating a trust account authorizes the trust company to lend funds to the person; a person authorized to grant authorization to the trust company to lend funds to the person grants authorization; or a court issues an order in accordance with Section 75B-2-802 .
Section 7-5-111(2)Verify source
§ 7-5-111(2)(a)Subsection 7-5-111(2)(a)Provision

Source excerpt

The instrument creating a trust account may authorize the trust company to lend funds to a person.

the instrument creating a trust account authorizes the trust company to lend funds to the person;
Section 7-5-111(2)(a)Verify source
§ 7-5-111(2)(b)Subsection 7-5-111(2)(b)Provision

Source excerpt

a person authorized to grant authorization to the trust company to lend funds to the person grants authorization; or

a person authorized to grant authorization to the trust company to lend funds to the person grants authorization; or
Section 7-5-111(2)(b)Verify source
§ 7-5-111(2)(c)Subsection 7-5-111(2)(c)Provision

Source excerpt

A court issues an order under Section 75B-2-802.

a court issues an order in accordance with Section 75B-2-802 .
Section 7-5-111(2)(c)Verify source
§ 7-5-111(3)Subsection 7-5-111(3)Provision

Source excerpt

An officer, director, or employee commits a third degree felony if they make or receive a loan that violates Subsection (1).

An officer, a director, or an employee is guilty of a third degree felony if the officer, director, or employee: makes a loan in violation of Subsection (1) ; or receives a loan that violates Subsection (1) .
Section 7-5-111(3)Verify source
§ 7-5-111(3)(a)Subsection 7-5-111(3)(a)Provision

Source excerpt

A loan made in violation of Subsection (1) is identified as prohibited conduct.

makes a loan in violation of Subsection (1) ; or
Section 7-5-111(3)(a)Verify source
§ 7-5-111(3)(b)Subsection 7-5-111(3)(b)Provision

Source excerpt

receives a loan that violates Subsection (1) .

receives a loan that violates Subsection (1) .
Section 7-5-111(3)(b)Verify source

Legislative relationships

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