31A-22-105 - Common control of fiduciary funds permissible. - Utah Statutes

31A-22-105. Common control of fiduciary funds permissible.
Any fiduciary from whom a bond, undertaking, or other obligation is required may agreeand arrange with his sureties for the deposit for safekeeping of any and all assets for which he isresponsible with a depository institution authorized by law to hold the assets, in a manner whichprevents the withdrawal or alienation of any part of the property without the written consent of thesureties, or an order of the court made after notice is given to the sureties and a hearing is held asdirected by the court. This deposit agreement does not release or change the fiduciaryresponsibility of the principal, or the liability of the principal or sureties as established under thebond.

Enacted by Chapter 242, 1985 General Session