7-5-2. Permit required to engage in trust business -- Exceptions.
(1) No trust company shall accept any appointment to act in any agency or fiduciary
capacity, such as but not limited to that of personal representative, executor, administrator,
conservator, guardian, assignee, receiver, depositary, or trustee under order or judgment of any
court or by authority of any law of this state or as trustee for any purpose permitted by law or
otherwise engage in the trust business in this state, unless and until it has obtained from the
commissioner a permit to act under this chapter. This provision shall not apply to any bank or
other corporation authorized to engage and lawfully engaged in the trust business in this state
before July 1, 1981.
(2) Nothing in this chapter prohibits:
(a) any corporation organized under Title 16, Chapter 6a or 10a, from acting as trustee of
any employee benefit trust established for the employees of the corporation or the employees of
one or more other corporations affiliated with the corporation;
(b) any corporation organized under Title 16, Chapter 6a, Utah Revised Nonprofit
Corporation Act, and owned or controlled by a charitable, benevolent, eleemosynary, or religious
organization from acting as a trustee for that organization or members of that organization but not
offering trust services to the general public;
(c) any corporation organized under Title 16, Chapter 6a or 10a, from holding in a
fiduciary capacity the controlling shares of another corporation but not offering trust services to
the general public; or
(d) any depository institution from holding in an agency or fiduciary capacity individual
retirement accounts or Keogh plan accounts established under Section 401(a) or 408(a) of Title
26 of the United States Code.
Amended by Chapter 300, 2000 General Session
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Last revised: Thursday, May 28, 2009