7-5-11 - Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities. - Utah Statutes

7-5-11. Self-dealing with trust property -- Own stock as trust property -- Policiesfor dealing with trust securities.
(1) Except as provided in Section 7-5-7, in Title 75, or as authorized under theinstrument creating the relationship, a trust company may not invest funds held as an agent orfiduciary in stock or obligations of, or with such funds acquire property from, the trust companyor any of its directors, officers or employees, nor shall a trust company sell property held as anagent or fiduciary to the company or to any of its directors, officers, or employees.
(2) A trust company may retain and vote stock of the trust company or of any of itsaffiliates received by it as assets of any trust account or in any other fiduciary relationship ofwhich it is appointed agent or fiduciary, unless the instrument creating the relationship otherwiseprovides.
(3) Every trust company shall adopt written policies and procedures regarding decisionsor recommendations to purchase or sell any security to facilitate compliance with federal andstate securities laws. These policies and procedures, in particular, shall prohibit the trustcompany from using material inside information in connection with any decision orrecommendation to purchase or sell any security.

Amended by Chapter 378, 2010 General Session