Utah Code 7-5-8. Segregation of trust assets — Books and records required — Examination — Trust property not subject to claims or debts against trust company
Current as of: 2023 | Check for updates
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Terms Used In Utah Code 7-5-8
- 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
- Fiduciary: A trustee, executor, or administrator.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Trust company: means an institution authorized to engage in the trust business under this chapter. See Utah Code 7-5-1
A trust company exercising the powers to act as an agent or fiduciary under this chapter shall segregate all assets held in any agency or fiduciary capacity from the general assets of the company and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this chapter. These books and records shall be open to inspection by the commissioner and shall be examined by him or by examiners appointed by him as provided in Chapter 1, General Provisions, or examined by other appropriate regulating agencies or both. Property held in an agency or fiduciary capacity by a trust company is not subject to claims or debts against the trust company.
Amended by Chapter 189, 2014 General Session