Utah Code § 7-5-109
This is the official text of Utah Code § 7-5-109, part of Utah’s Code — part of the compiled statutory law of Utah, published by the state as "Code." Browse the sections below, each linked to its official government source.
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§ 7-5-109. Segregation of trust assets -- Books and records required -- Examination -- Trust property not subject to claims or debts against trust company.
Official statutory text
(1) A trust company exercising the powers to act as an agent or fiduciary under this chapter shall: (a) segregate all assets the trust company holds in any agency or fiduciary capacity from the general assets of the trust company; and (b) keep a separate set of books and records showing in proper detail each transaction in which the trust company engages in accordance with this chapter. (2) The trust company shall allow the commissioner, an examiner the commissioner appoints in accordance with Chapter 1, General Provisions, and an appropriate regulating agency to inspect books and records described in Subsection (1). (3) Property the trust company holds in an agency or fiduciary capacity is not subject to claims or debts against the trust company.
Status: in_force · Read it on the official government site
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