7-5-102. Allowable trust companies -- Exceptions.

310 words·~1 min read·/ut/title-7/chapter-5/7-5-102

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/6/2026

(1)Only the following may be a trust company:

(a)a Utah depository institution or the Utah depository institution's wholly owned subsidiary;

(b)an out-of-state depository institution authorized to engage in business as a depository institution in this state or the out-of-state depository institution's wholly owned subsidiary;

(c)a corporation, including a credit union service organization, owned entirely by one or more federally insured depository institutions as defined in Subsection 7-1-103(8) ;

(d)a direct or indirect subsidiary of a depository institution holding company that also has a direct or indirect subsidiary authorized to engage in business as a depository institution in this state; and

(e)any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981.

(2)Only a trust company may engage in the trust business in this state.

(3)The requirements of this chapter do not apply to:

(a)an institution authorized to engage in trust business in another state that engages in trust activities in this state solely to fulfill the institution's duties as a trustee of a trust created and administered in another state;

(b)a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, or a wholly owned subsidiary of a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, to the extent the institution is authorized by the institution's primary federal regulator to engage in trust business in this state; or

(c)a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.

Enacted by Chapter 112 , 2026 General Session