Utah Code 7-5-4. Withdrawal from trust business
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 7-5-4
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
Any trust company which desires to withdraw from and discontinue doing a trust business shall furnish to the commissioner satisfactory evidence of its release and discharge from all the obligations and trusts undertaken by it, and after the company has furnished that evidence the commissioner shall revoke his certificate of authority to do a trust business previously issued to that trust company, and thereafter that trust company may not be permitted to use and may not use the word “trust” in its corporate name or in connection with its business, nor undertake the administration of any trust business.
Amended by Chapter 378, 2010 General Session