{"data":{"id":"us-ut/utah-code-7-5-102","jurisdiction":"us-ut","citation":"Utah Code § 7-5-102","heading":"Allowable trust companies -- Exceptions.","body":"(1) Only the following may be a trust company:\n(a) a Utah depository institution or the Utah depository institution's wholly owned subsidiary;\n(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;\n(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);\n(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\n(e) any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981.\n(2) Only a trust company may engage in the trust business in this state.\n(3) The requirements of this chapter do not apply to:\n(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;\n(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\n(c) a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.","path":["Title 7 Financial Institutions Act","Chapter 7-5 Trust Business","Part 7-5-1 General Provisions"],"source_url":"https://le.utah.gov/xcode/Title7/Chapter5/7-5-S102.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"1284826e936319984edf395837da7e88dec9381740615049d96b67ecea787e0b","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-7-5-101","next":"us-ut/utah-code-7-5-103"},"notice":"GroundRules: Original legal text. Not legal advice."}