Utah Code § 7-5-110: Registration of investment in name of nominee -- Records -- Possession of investment.

(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.