Utah Code 7-5-15. Assets of trust company in possession of the commissioner
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Utah Code 7-5-15
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Commissioner 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
- Fiduciary: A trustee, executor, or administrator.
- 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
With respect to a trust company in the possession of the commissioner under Chapter 2, Possession of Depository Institution by Commissioner, notwithstanding any law to the contrary, the assets held by the trust company in a fiduciary capacity as a part of its trust business, as defined in Section 7-5-1, are not subject to the claims of any secured or unsecured creditor of the trust company.