Utah Code § 7-5-111
This is the official text of Utah Code § 7-5-111, 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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§ 7-5-111. Lending trust funds to trust company, officer, director, or employee a felony.
Official statutory text
(1) Except as provided in Subsection (2), a trust company may not lend funds that the trust company holds in a trust account in accordance with this chapter to: (a) the trust company; (b) an officer of the trust company; (c) a director of the trust company; or (d) an employee of the trust company. (2) A trust company may lend funds to a person described in Subsection (1) if: (a) the instrument creating a trust account authorizes the trust company to lend funds to the person; (b) a person authorized to grant authorization to the trust company to lend funds to the person grants authorization; or (c) a court issues an order in accordance with Section 75B-2-802. (3) An officer, a director, or an employee is guilty of a third degree felony if the officer, director, or employee: (a) makes a loan in violation of Subsection (1); or (b) receives a loan that violates Subsection (1).
Status: in_force · Read it on the official government site
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