7-5-110. Registration of investment in name of nominee -- Records -- Possession of investment.
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Effective 5/6/2026
7-5-110. Registration of investment in name of nominee -- Records -- Possession of investment.
(1)As used in this section, "security" means the same as that term is defined in Section 75-1-201 .
(2)A trust company may require that a person register and hold a security that the trust company holds in the trust company's agency or fiduciary capacity in the name of a nominee or nominees of the trust company.
(3)The trust company is liable for the acts of a nominee described in Subsection
(2)with respect to any investment registered in accordance with Subsection
(2).
(4)An investment other than a security held in the name of a nominee on June 30, 1981, may continue to be held in that manner.
(5)For an investment described in Subsection
(4), the trust company shall:
(a)at all times maintain records that show the trust company's ownership of an investment;
(b)maintain possession or control over the investment; and
(c)keep the investment separate and apart from the assets of the trust company.
Renumbered and Amended by Chapter 112 , 2026 General Session