7-5-103. Permit required to engage in trust business -- Exceptions.

316 words·~1 min read·/ut/title-7/chapter-5/7-5-103

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

Effective 5/6/2026

(a)Unless a trust company obtains from the commissioner a permit to engage in trust business in this state, the trust company may not accept an appointment to act in an agency or a fiduciary capacity by order or judgment of a court or by authority of any law of this state, including as a:

(i)personal representative;

(ii)executor;

(iii)administrator;

(iv)conservator;

(v)guardian;

(vi)assignee;

(vii)receiver;

(viii)depositary; or

(ix)trustee.

(b)This Subsection

(1)does not apply to a bank or other corporation authorized to engage and lawfully engaged in the trust business in this state before July 1, 1981.

(2)Nothing in this chapter prohibits:

(a)a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from acting as trustee of an employee benefit trust established for the employees of the corporation or the employees of one or more other corporations affiliated with the corporation;

(b)a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , and that a charitable, benevolent, eleemosynary, or religious organization owns or controls, from acting as a trustee for that organization or members of that organization but not offering trust services to the general public;

(c)a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or Title 16, Chapter 10a, Utah Revised Business Corporation Act , from holding in a fiduciary capacity the controlling shares of another corporation but not offering trust services to the general public; or

(d)a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).

Renumbered and Amended by Chapter 112 , 2026 General Session