Utah Code § 7-5-114: Collective investment funds.

(1) A trust company may:

(a) establish collective investment funds that authorize participation by fiduciary or trust accounts of the trust company, the trust company's affiliates, or both; and

(b) participate in collective investment funds established by an affiliate of the trust company, if:

(i) the affiliate is authorized under the laws of the trust company's chartering authority to establish a collective investment fund in which the trust company's affiliates may participate; and

(ii) the plan establishing the collective investment fund specifically authorized the participation.

(2) A person may invest funds that a trust company holds collectively in a collective investment fund in accordance with the rules prescribed by the appropriate governmental regulatory agency or agencies, if the instrument, judgment, decree, or order creating the regulatory relationship does not specifically prohibit the investment.

(3)

(a) Unless ordered to do so by a court, a trust company operating collective investment funds is not required to render a court accounting for the collective investment funds.

(b) A trust company may petition a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to secure approval of a court accounting on conditions the court establishes.

(4) This section applies to all relationships in existence on or after May 1, 1989.