Utah Code 7-5-1. Definitions — Allowable trust companies — Exceptions
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(1) As used in this chapter:
Terms Used In Utah Code 7-5-1
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
- Business trust: means an entity engaged in a trade or business that is created by a declaration of trust that transfers property to trustees, to be held and managed by them for the benefit of persons holding certificates representing the beneficial interest in the trust estate and assets. See Utah Code 7-5-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means a cooperative, nonprofit association incorporated under:(6)(a) Chapter 9, Utah Credit Union Act; or(6)(b) Utah Code 7-1-103
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(8)(a) holds or receives deposits, savings, or share accounts;(8)(b) issues certificates of deposit; or(8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103- Depository institution holding company: means :
(9)(a)(i) a person other than an individual that:(9)(a)(i)(A) has control over a depository institution; or(9)(a)(i)(B) becomes a holding company of a depository institution under Section 7-1-703; or(9)(a)(ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: includes a person who:
(14)(a) qualifies as a guardian of a minor or incapacitated person pursuant to testamentary or court appointment; or(14)(b) is appointed by a court to manage the estate of a minor or incapacitated person. See Utah Code 68-3-12.5- Institution: means :
(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
- Person: means :
(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. See Utah Code 7-1-103- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Receiver: means a person, agency, or instrumentality of this state or the United States appointed to administer and manage an institution subject to the jurisdiction of the department in receivership, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
- Savings and loan association: means :
(31)(a) a federal savings and loan association; and(31)(b) an out-of-state savings and loan association. See Utah Code 7-1-103- service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103- Statute: A law passed by a legislature.
- Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trust business: means , except as provided in Subsection (1)(c), a business in which one acts in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under appointment as trustee for any purpose permitted by law, including the definition of "trust" set forth in Subsection 75-1-201(55). See Utah Code 7-5-1
- Trust company: means an institution authorized to engage in the trust business under this chapter. See Utah Code 7-5-1
- Trustee: A person or institution holding and administering property in trust.
(1)(a) “Business trust” means an entity engaged in a trade or business that is created by a declaration of trust that transfers property to trustees, to be held and managed by them for the benefit of persons holding certificates representing the beneficial interest in the trust estate and assets.(1)(b) “Trust business” means, except as provided in Subsection (1)(c), a business in which one acts in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under appointment as trustee for any purpose permitted by law, including the definition of “trust” set forth in Subsection 75-1-201(55).(1)(c) “Trust business” does not include the following means of holding money, assets, or other property:(1)(c)(i) money held in a client trust account by an attorney authorized to practice law in this state;(1)(c)(ii) money held in connection with the purchase or sale of real estate by a person licensed as a principal broker in accordance with Title 61, Chapter 2f, Real Estate Licensing and Practices Act;(1)(c)(iii) money or other assets held in escrow by a person authorized by the department in accordance with Chapter 22, Regulation of Independent Escrow Agents, or by the Utah Insurance Department to act as an escrow agent in this state;(1)(c)(iv) money held by a homeowners’ association or similar organization to pay maintenance and other related costs for commonly owned property;(1)(c)(v) money held in connection with the collection of debts or payments on loans by a person acting solely as the agent or representative or otherwise at the sole direction of the person to which the debt or payment is owed, including money held by an escrow agent for payment of taxes or insurance;(1)(c)(vi) money and other assets held in trust on an occasional or isolated basis by a person who does not represent that the person is engaged in the trust business in Utah;(1)(c)(vii) money or other assets found by a court to be held in an implied, resulting, or constructive trust;(1)(c)(viii) money or other assets held by a court appointed conservator, guardian, receiver, trustee, or other fiduciary if:(1)(c)(viii)(A) the conservator, receiver, guardian, trustee, or other fiduciary is responsible to the court in the same manner as a personal representative under Title 75, Chapter 3, Part 5, Supervised Administration, or as a receiver under Rule 66, Utah Rules of Civil Procedure; and(1)(c)(viii)(B) the conservator, trustee, or other fiduciary is a certified public accountant or has qualified for and received a designation as a certified financial planner, chartered financial consultant, certified financial analyst, or similar designation suitable to the court, that evidences the conservator’s, trustee’s, or other fiduciary’s professional competence to manage financial matters;(1)(c)(ix) money or other assets held by a credit services organization operating in compliance with Title 13, Chapter 21, Credit Services Organizations Act;(1)(c)(x) money, securities, or other assets held in a customer account in connection with the purchase or sale of securities by a regulated securities broker, dealer, or transfer agent; or(1)(c)(xi) money, assets, and other property held in a business trust for the benefit of holders of certificates of beneficial interest if the fiduciary activities of the business trust are merely incidental to conducting business in the business trust form.(1)(d) “Trust company” means an institution authorized to engage in the trust business under this chapter. Only the following may be a trust company:(1)(d)(i) a Utah depository institution or its wholly owned subsidiary;(1)(d)(ii) an out-of-state depository institution authorized to engage in business as a depository institution in Utah or its wholly owned subsidiary;(1)(d)(iii) 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);(1)(d)(iv) 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 Utah; and(1)(d)(v) 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:(3)(a) an institution authorized to engage in a trust business in another state that is engaged in trust activities in this state solely to fulfill its duties as a trustee of a trust created and administered in another state;(3)(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 Utah, or any wholly owned subsidiary of any of these, to the extent the institution is authorized by its primary federal regulator to engage in the trust business in this state; or(3)(c) a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.