Utah § 7-5-113 - Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.

Full text of Utah Utah Code § 7-5-113 — Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit., with citation guidance and answers to common questions.

§ 7-5-113. Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.

Effective 5/6/2026
7-5-113.  Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.
(1)A committee of the board of directors, excluding any active officers of the trust department, of every trust company shall, at least once during a 15-month period:
(a)
(i)conduct an audit of the trust business operations of the trust company; or
(ii)cause that auditors responsible only to the board of directors conduct a suitable audit; and
(b)using the findings from the audit, ascertain whether the trust company conducts the trust business operations of the trust business in accordance with law and sound fiduciary principles.
(2)Upon request, the committee of the board of directors shall make available a report of the audit described in Subsection (1), including any action the committee of the board of directors takes as a result of the audit, to the commissioner, the commissioner's examiners, or the examiners of other trust company regulating agencies.
(3)The requirements of Subsection (1) do not apply if the state or other agency that regulates trust companies conducts an examination of the trust company during the same 15-month period.


Renumbered and Amended by Chapter 112, 2026 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 7-5-113

What does Utah Code § 7-5-113 cover?

Section 7-5-113 ("Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.") 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 § 7-5-113?

A common citation format is "Utah Code § 7-5-113" (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 § 7-5-113 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.

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