a Utah depository institution or the Utah depository institution's wholly owned subsidiary;
(b)
an out-of-state depository institution authorized to engage in business as a depository institution in this state or the out-of-state depository institution's wholly owned subsidiary;
(c)
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);
(d)
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 this state; and
(e)
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:
(a)
an institution authorized to engage in trust business in another state that engages in trust activities in this state solely to fulfill the institution's duties as a trustee of a trust created and administered in another state;
(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 this state, or a wholly owned subsidiary of 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 this state, to the extent the institution is authorized by the institution's primary federal regulator to engage in trust business in this state; or
(c)
a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.
Section 7-5-102 ("Allowable trust companies -- Exceptions.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 7-5-102?
A common citation format is "Utah Code § 7-5-102" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 7-5-102 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
