United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-115

An eligible trust company may merge, consolidate, acquire, transfer, assume liabilities, or reorganize, subject to specified sections and approvals. After final commissioner approval and notice, t…

Source excerpt

acquisition of assetsacquisition of controlasset and liability transfersasset transferassumption of liabilitiesbusiness combinationconsolidationcontrol transfercorporate organizationfinancial institutionsliability transfermergermergers and consolidationsreorganizationsubsidiarytrust administrationtrust businesstrust business successiontrust companytrust company restructuring

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“An eligible trust company may merge, consolidate, acquire, transfer, assume liabilities, or reorganize, subject to specified sections and approvals. After final commissioner approval and notice, the resulting or acquiring trust company succeeds to the transferring trust company’s rights and duties; an interested person”

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Section 7-5-115

Subsection 7-5-115(1)(b)(i)

the creation by a trust company of a subsidiary corporation that is: wholly owned by that trust company; and organized solely for the purpose of conducting all or any portion of the trust business of that trust company; or

Section 7-5-115(1)(b)(i)

Subsection 7-5-115(2)(a)(i)

An eligible trust company may merge or consolidate with another eligible trust company.

Section 7-5-115(2)(a)(i)

Subsection 7-5-115(2)(b)

conduct a reorganization.

Section 7-5-115(2)(b)

Subsection 7-5-115(3)(b)(ii)

Until the court appoints another or succeeding trust company under Subsection (3)(b)(i), the acquiring or resulting trust company may act as agent or fiduciary for the agency or fiduciary relationship.

Section 7-5-115(3)(b)(ii)

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Showing 30 of 30 provisions

Provision 30

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-115Mergers, consolidations, acquisitions, transfers, or reorganizations involving entities engaged in trust business -- Succession of rights and duties -- Petition for appointment of another trust company.Provision

Source excerpt

An eligible trust company may merge, consolidate, acquire, transfer, assume liabilities, or reorganize, subject to specified sections and approvals. After final commissioner approval and notice, the resulting or acquiring trust company succeeds to the transferring trust company’s rights and duties; an interested person may petition a court within 30 days after notice to appoint another trust company.

Mergers, consolidations, acquisitions, transfers, or reorganizations involving entities engaged in trust business -- Succession of rights and duties -- Petition for appointment of another trust company. As used in this section: "Eligible trust company" means any of the following that is authorized under this chapter or the laws of the United States to engage in the trust business in this state: a trust company; a depository institution; or a corporation. "Reorganization" means: the creation by a trust company of a subsidiary corporation that is: wholly owned by that trust company; and organized solely for the purpose of conducting all or any portion of the trust business of that trust company; or a merger or other combination between a trust company and: a wholly owned trust company subsidiary of that trust company; or a wholly owned trust company subsidiary of the depository institution holding company that owns or controls that trust company. Notwithstanding any provision of law to the contrary, an eligible trust company may, subject to Sections 7-1-702 , 7-1-704 , and 7-1-705 : merge or consolidate with another eligible trust company; acquire control of another eligible trust company; acquire all or a portion of the assets and trust business of another eligible trust company; assume all or any portion of the liabilities of another eligible trust company; transfer control to another eligible trust company; transfer all or a portion of the trust company's assets and trust business to another eligible trust company; or transfer all or a portion of the trust company's liabilities to another eligible trust company; or conduct a reorganization. Subject to Subsection (3)(b) , upon final approval by the commissioner of a merger, a consolidation, an acquisition of control, an acquisition of assets, an assumption of liabilities, or a reorganization, and upon written notice of the final approval to each person entitled to and then receiving trust accountings from the transferring or reorganizing trust company, the resulting or acquiring trust company shall, without court proceedings or a court order, succeed to: the transferring or reorganizing trust company's rights, privileges, duties, obligations, and undertakings under all trust instruments, agency and fiduciary relationships and arrangements; and all other trust business the transferring or reorganizing trust company transferred and acquired in accordance with this section. Except as provided otherwise in the relevant trust instrument, an interested person may, not more than 30 days after the day on which the interested person receives written notice of the merger, consolidation, acquisition, transfer, or reorganization, petition a court with jurisdiction to appoint another or succeeding trust company with respect to an agency or fiduciary relationship affecting that interested person. Until the court appoints another or succeeding trust company in accordance with Subsection (3)(b)(i) , the acquiring or resulting trust company may act as agent or fiduciary with respect to the agency or fiduciary relationship.

Section 7-5-115Verify source

§ 7-5-115(1)Subsection 7-5-115(1)Provision

Source excerpt

This section defines “eligible trust company” and “reorganization.”

As used in this section: "Eligible trust company" means any of the following that is authorized under this chapter or the laws of the United States to engage in the trust business in this state: a trust company; a depository institution; or a corporation. "Reorganization" means: the creation by a trust company of a subsidiary corporation that is: wholly owned by that trust company; and organized solely for the purpose of conducting all or any portion of the trust business of that trust company; or a merger or other combination between a trust company and: a wholly owned trust company subsidiary of that trust company; or a wholly owned trust company subsidiary of the depository institution holding company that owns or controls that trust company.

Section 7-5-115(1)Verify source

§ 7-5-115(1)(a)Subsection 7-5-115(1)(a)Provision

Source excerpt

This subsection defines “eligible trust company” as a trust company, depository institution, or corporation authorized to engage in the trust business in this state under the chapter or U.S. law.

"Eligible trust company" means any of the following that is authorized under this chapter or the laws of the United States to engage in the trust business in this state: a trust company; a depository institution; or a corporation.

Section 7-5-115(1)(a)Verify source

§ 7-5-115(1)(a)(i)Subsection 7-5-115(1)(a)(i)Provision

Source excerpt

Refers to a trust company.

a trust company;

Section 7-5-115(1)(a)(i)Verify source

§ 7-5-115(1)(a)(ii)Subsection 7-5-115(1)(a)(ii)Provision

Source excerpt

a depository institution; or

Section 7-5-115(1)(a)(ii)Verify source

§ 7-5-115(1)(a)(iii)Subsection 7-5-115(1)(a)(iii)Provision

Source excerpt

Refers to a corporation.

a corporation.

Section 7-5-115(1)(a)(iii)Verify source

§ 7-5-115(1)(b)Subsection 7-5-115(1)(b)Provision

Source excerpt

“Reorganization” includes certain trust-company subsidiary formations and certain mergers or combinations involving a trust company.

"Reorganization" means: the creation by a trust company of a subsidiary corporation that is: wholly owned by that trust company; and organized solely for the purpose of conducting all or any portion of the trust business of that trust company; or a merger or other combination between a trust company and: a wholly owned trust company subsidiary of that trust company; or a wholly owned trust company subsidiary of the depository institution holding company that owns or controls that trust company.

Section 7-5-115(1)(b)Verify source

§ 7-5-115(1)(b)(i)Subsection 7-5-115(1)(b)(i)Provision

Source excerpt

Section 7-5-115(1)(b)(i)Verify source

§ 7-5-115(1)(b)(i)(A)Subsection 7-5-115(1)(b)(i)(A)Provision

Source excerpt

wholly owned by that trust company; and

Section 7-5-115(1)(b)(i)(A)Verify source

§ 7-5-115(1)(b)(i)(B)Subsection 7-5-115(1)(b)(i)(B)Provision

Source excerpt

organized solely for the purpose of conducting all or any portion of the trust business of that trust company; or

Section 7-5-115(1)(b)(i)(B)Verify source

§ 7-5-115(1)(b)(ii)Subsection 7-5-115(1)(b)(ii)Provision

Source excerpt

a merger or other combination between a trust company and: a wholly owned trust company subsidiary of that trust company; or a wholly owned trust company subsidiary of the depository institution holding company that owns or controls that

Section 7-5-115(1)(b)(ii)Verify source

§ 7-5-115(1)(b)(ii)(A)Subsection 7-5-115(1)(b)(ii)(A)Provision

Source excerpt

a wholly owned trust company subsidiary of that trust company; or

Section 7-5-115(1)(b)(ii)(A)Verify source

§ 7-5-115(1)(b)(ii)(B)Subsection 7-5-115(1)(b)(ii)(B)Provision

Source excerpt

Refers to a wholly owned trust company subsidiary of the depository institution holding company that owns or controls it.

a wholly owned trust company subsidiary of the depository institution holding company that owns or controls that trust company.

Section 7-5-115(1)(b)(ii)(B)Verify source

§ 7-5-115(2)Subsection 7-5-115(2)Provision

Source excerpt

An eligible trust company may carry out specified mergers, acquisitions, transfers, assumptions of liabilities, or a reorganization, subject to Sections 7-1-702, 7-1-704, and 7-1-705.

Notwithstanding any provision of law to the contrary, an eligible trust company may, subject to Sections 7-1-702 , 7-1-704 , and 7-1-705 : merge or consolidate with another eligible trust company; acquire control of another eligible trust company; acquire all or a portion of the assets and trust business of another eligible trust company; assume all or any portion of the liabilities of another eligible trust company; transfer control to another eligible trust company; transfer all or a portion of the trust company's assets and trust business to another eligible trust company; or transfer all or a portion of the trust company's liabilities to another eligible trust company; or conduct a reorganization.

Section 7-5-115(2)Verify source

§ 7-5-115(2)(a)Subsection 7-5-115(2)(a)Provision

Source excerpt

merge or consolidate with another eligible trust company; acquire control of another eligible trust company; acquire all or a portion of the assets and trust business of another eligible trust company; assume all or any portion of the liabilities of another eligible trust company; transfer control to another eligible trust company; transfer all or a portion of the trust company's assets and trust business to another eligible trust company; or transfer all or a portion of the trust company's liabilities to another eligible trust company; or

Section 7-5-115(2)(a)Verify source

§ 7-5-115(2)(a)(i)Subsection 7-5-115(2)(a)(i)Provision

Source excerpt

An eligible trust company may merge or consolidate with another eligible trust company.

merge or consolidate with another eligible trust company;

Section 7-5-115(2)(a)(i)Verify source

§ 7-5-115(2)(a)(ii)Subsection 7-5-115(2)(a)(ii)Provision

Source excerpt

acquire control of another eligible trust company;

Section 7-5-115(2)(a)(ii)Verify source

§ 7-5-115(2)(a)(iii)Subsection 7-5-115(2)(a)(iii)Provision

Source excerpt

acquire all or a portion of the assets and trust business of another eligible trust company;

Section 7-5-115(2)(a)(iii)Verify source

§ 7-5-115(2)(a)(iv)Subsection 7-5-115(2)(a)(iv)Provision

Source excerpt

assume all or any portion of the liabilities of another eligible trust company;

Section 7-5-115(2)(a)(iv)Verify source

§ 7-5-115(2)(a)(v)Subsection 7-5-115(2)(a)(v)Provision

Source excerpt

transfer control to another eligible trust company;

Section 7-5-115(2)(a)(v)Verify source

§ 7-5-115(2)(a)(vi)Subsection 7-5-115(2)(a)(vi)Provision

Source excerpt

transfer all or a portion of the trust company's assets and trust business to another eligible trust company; or

Section 7-5-115(2)(a)(vi)Verify source

§ 7-5-115(2)(a)(vii)Subsection 7-5-115(2)(a)(vii)Provision

Source excerpt

transfer all or a portion of the trust company's liabilities to another eligible trust company; or

Section 7-5-115(2)(a)(vii)Verify source

§ 7-5-115(2)(b)Subsection 7-5-115(2)(b)Provision

Source excerpt

conduct a reorganization.

Section 7-5-115(2)(b)Verify source

§ 7-5-115(3)Subsection 7-5-115(3)Provision

Source excerpt

Subject to Subsection (3)(b) , upon final approval by the commissioner of a merger, a consolidation, an acquisition of control, an acquisition of assets, an assumption of liabilities, or a reorganization, and upon written notice of the final approval to each person entitled to and then receiving trust accountings from the transferring or reorganizing trust company, the resulting or acquiring trust company shall, without court proceedings or a court order, succeed to: the transferring or reorganizing trust company's rights, privileges, duties, obligations, and undertakings under all trust instruments, agency and fiduciary relationships and arrangements; and all other trust business the transferring or reorganizing trust company transferred and acquired in accordance with this section. Except as provided otherwise in the relevant trust instrument, an interested person may, not more than 30 days after the day on which the interested person receives written notice of the merger, consolidation, acquisition, transfer, or reorganization, petition a court with jurisdiction to appoint another or succeeding trust company with respect to an agency or fiduciary relationship affecting that interested person. Until the court appoints another or succeeding trust company in accordance with Subsection (3)(b)(i) , the acquiring or resulting trust company may act as agent or fiduciary with respect to the agency or fiduciary relationship.

Section 7-5-115(3)Verify source

§ 7-5-115(3)(a)Subsection 7-5-115(3)(a)Provision

Source excerpt

Section 7-5-115(3)(a)Verify source

§ 7-5-115(3)(a)(i)Subsection 7-5-115(3)(a)(i)Provision

Source excerpt

the transferring or reorganizing trust company's rights, privileges, duties, obligations, and undertakings under all trust instruments, agency and fiduciary relationships and arrangements; and

Section 7-5-115(3)(a)(i)Verify source

§ 7-5-115(3)(a)(ii)Subsection 7-5-115(3)(a)(ii)Provision

Source excerpt

all other trust business the transferring or reorganizing trust company transferred and acquired in accordance with this section.

Section 7-5-115(3)(a)(ii)Verify source

§ 7-5-115(3)(b)Subsection 7-5-115(3)(b)Provision

Source excerpt

An interested person may petition a court to appoint another or succeeding trust company, but only within 30 days after written notice of a merger, consolidation, acquisition, transfer, or reorganization, unless the relevant trust instrument says otherwise.

Except as provided otherwise in the relevant trust instrument, an interested person may, not more than 30 days after the day on which the interested person receives written notice of the merger, consolidation, acquisition, transfer, or reorganization, petition a court with jurisdiction to appoint another or succeeding trust company with respect to an agency or fiduciary relationship affecting that interested person. Until the court appoints another or succeeding trust company in accordance with Subsection (3)(b)(i) , the acquiring or resulting trust company may act as agent or fiduciary with respect to the agency or fiduciary relationship.

Section 7-5-115(3)(b)Verify source

§ 7-5-115(3)(b)(i)Subsection 7-5-115(3)(b)(i)Provision

Source excerpt

An interested person may petition a court to appoint another or succeeding trust company, but only within 30 days after receiving written notice of the merger, consolidation, acquisition, transfer, or reorganization, unless the relevant trust instrument says otherwise.

Section 7-5-115(3)(b)(i)Verify source

§ 7-5-115(3)(b)(ii)Subsection 7-5-115(3)(b)(ii)Provision

Source excerpt

Until the court appoints another or succeeding trust company in accordance with Subsection (3)(b)(i) , the acquiring or resulting trust company may act as agent or fiduciary with respect to the agency or fiduciary relationship.

Section 7-5-115(3)(b)(ii)Verify source

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Utah Code § 7-5-115

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