(1)  A trust company may cause any security, as defined in Section 75-1-201, held in its agency or fiduciary capacity to be registered and held in the name of a nominee or nominees of the trust company. The trust company shall be liable for the acts of any such nominee with respect to any investment so registered. Investments other than securities held in the name of a nominee on June 30, 1981, may continue to be held in that manner.

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Terms Used In Utah Code 7-5-9

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
(a) direct or exercise a controlling influence over:
(i) the management or policies of a financial institution; or
(ii) the election of a majority of the directors or trustees of an institution; or
(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
  • Fiduciary: A trustee, executor, or administrator.
  • Trust company: means an institution authorized to engage in the trust business under this chapter. See Utah Code 7-5-1
    • (2)  The records of the trust company shall at all times show the ownership of any such investment, which investment shall be in the possession or control of the trust company and be kept separate and apart from the assets of the trust company.

    Amended by Chapter 93, 2010 General Session

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