Utah Code § 7-5-110
This is the official text of Utah Code § 7-5-110, 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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§ 7-5-110. Registration of investment in name of nominee -- Records -- Possession of investment.
Official statutory text
(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.
Status: in_force · Read it on the official government site
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