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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-31

A credit union may hold certain share accounts, certificates, or deposits in trust if the trustor, trustee, or primary beneficiary is a member. The trustee must exercise the trust’s rights as a credit union member.

Source excerpt

account holdingbankingfamily accountssecuritiestrust administration
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“A credit union may hold certain share accounts, certificates, or deposits in trust if the trustor, trustee, or primary beneficiary is a member. The trustee must exercise the trust’s rights as a credit union member.”

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02

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Shares held in trust.

A credit union may hold certain share accounts, certificates, or deposits in trust if the trustor, trustee, or primary beneficiary is a member. The trustee must exercise the trust’s rights as a credit union member.

Section 7-9-31

Subsection 7-9-31(1)

Shares may be issued to a minor, and deposits may be received in the minor's name.

Section 7-9-31(1)

Subsection 7-9-31(2)

A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union.

Section 7-9-31(2)

Subsection 7-9-31(3)

If the trustee meets Subsection (2), the trustee must exercise the trust’s rights as a credit union member.

Section 7-9-31(3)

04

Source and current-law status

In force source record

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

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Showing 4 of 4 provisions

Provision 4
§ 7-9-31Shares held in trust.Provision

Source excerpt

A credit union may hold certain share accounts, certificates, or deposits in trust if the trustor, trustee, or primary beneficiary is a member. The trustee must exercise the trust’s rights as a credit union member.

Shares held in trust. Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by the minor's parent or guardian. A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union. The trustee of the trust meeting the requirements of Subsection (2) shall exercise the rights of the trust as a member of the credit union.
Section 7-9-31Verify source
§ 7-9-31(1)Subsection 7-9-31(1)Provision

Source excerpt

Shares may be issued to a minor, and deposits may be received in the minor's name.

Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by the minor's parent or guardian.
Section 7-9-31(1)Verify source
§ 7-9-31(2)Subsection 7-9-31(2)Provision

Source excerpt

A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union.

A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union.
Section 7-9-31(2)Verify source
§ 7-9-31(3)Subsection 7-9-31(3)Provision

Source excerpt

If the trustee meets Subsection (2), the trustee must exercise the trust’s rights as a credit union member.

The trustee of the trust meeting the requirements of Subsection (2) shall exercise the rights of the trust as a member of the credit union.
Section 7-9-31(3)Verify source

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