7-5-2 - Permit required to engage in trust business -- Exceptions. - Utah Statutes

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 fiduciarycapacity, including that of personal representative, executor, administrator, conservator,guardian, assignee, receiver, depositary, or trustee under order or judgment of any court or byauthority of any law of this state or as trustee for any purpose permitted by law or otherwiseengage in the trust business in this state, unless and until it has obtained from the commissioner apermit to act under this chapter. This provision does not apply to any bank or other corporationauthorized 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 ofany employee benefit trust established for the employees of the corporation or the employees ofone or more other corporations affiliated with the corporation;
(b) any corporation organized under Title 16, Chapter 6a, Utah Revised NonprofitCorporation Act, and owned or controlled by a charitable, benevolent, eleemosynary, or religiousorganization from acting as a trustee for that organization or members of that organization butnot offering trust services to the general public;
(c) any corporation organized under Title 16, Chapter 6a or 10a, from holding in afiduciary capacity the controlling shares of another corporation but not offering trust services tothe general public; or
(d) any depository institution from holding in an agency or fiduciary capacity individualretirement accounts or Keogh plan accounts established under Section 401(a) or 408(a) of Title26 of the United States Code.

Amended by Chapter 378, 2010 General Session