(1)  A person seeking authorization to become a trust company and engage in the trust business in this state shall file an application with the commissioner in the manner provided in Section 7-1-704, and shall pay the fee prescribed in Section 7-1-401.

will 560x170

Need help with a review of a will?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Utah Code 7-5-3

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
  • Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a) holds or receives deposits, savings, or share accounts;
(b) issues certificates of deposit; or
(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
  • Fiduciary: A trustee, executor, or administrator.
  • Institution: means :
    (a) a corporation;
    (b) a limited liability company;
    (c) a partnership;
    (d) a trust;
    (e) an association;
    (f) a joint venture;
    (g) a pool;
    (h) a syndicate;
    (i) an unincorporated organization; or
    (j) any form of business entity. See Utah Code 7-1-103
  • Person: means :
    (a) an individual;
    (b) a corporation;
    (c) a limited liability company;
    (d) a partnership;
    (e) a trust;
    (f) an association;
    (g) a joint venture;
    (h) a pool;
    (i) a syndicate;
    (j) a sole proprietorship;
    (k) an unincorporated organization; or
    (l) any form of business entity. See Utah Code 7-1-103
  • State: means , unless the context demands otherwise:
    (a) a state;
    (b) the District of Columbia; or
    (c) the territories of the United States. See Utah Code 7-1-103
  • Trust business: means , except as provided in Subsection (1)(c), a business in which one acts in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under appointment as trustee for any purpose permitted by law, including the definition of "trust" set forth in Subsection 75-1-201(55). See Utah Code 7-5-1
  • Trust company: means an institution authorized to engage in the trust business under this chapter. See Utah Code 7-5-1
    • (2)  The commissioner shall, in deciding whether or not to approve the application, take into account:

    (a)  the character and condition of the applicant’s assets;

    (b)  the adequacy of its capital;

    (c)  its earnings record;

    (d)  the quality of its management;

    (e)  the qualifications of any person proposed to be an officer in charge of the trust operations;

    (f)  the needs of the community for fiduciary services;

    (g)  the volume of business that the applicant will probably do; and

    (h)  any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business.

    (3)  The commissioner may not apply criteria making it more difficult for a state chartered depository institution to obtain approval to engage in the trust business than for a federally chartered depository institution of the same class.

    (4)  The commissioner may impose such conditions when authorizing a person to engage in the trust business as he considers appropriate to protect the public interest.

    (5)  Upon receiving authorization from the commissioner to become a trust company and engage in the trust business, the trust company is qualified to act as fiduciary in any capacity without bond.

    Amended by Chapter 200, 1994 General Session

      Previous section
    Next section  
     Chapter 5 Contents

    LawServer is used by

    New York Times, IRS, USDA, UCLA, DOT