Utah Code 22-5-3. Registration of security in the name of a fiduciary
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Terms Used In Utah Code 22-5-3
- Corporation: means a private or public corporation, association or trust issuing a security. See Utah Code 22-5-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee. See Utah Code 22-5-2
- Fiduciary: A trustee, executor, or administrator.
- Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity. See Utah Code 22-5-2
- Security: includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation. See Utah Code 22-5-2
- Transfer: means a change on the books of a corporation in the registered ownership of a security. See Utah Code 22-5-2
- Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Utah Code 22-5-2
A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship, and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
Enacted by Chapter 46, 1961 General Session