7-5-103. Permit required to engage in trust business -- Exceptions.
(1) Unless a trust company obtains from the commissioner a permit to engage in trust business in this state, the trust company may not accept an appointment to act in an agency or a fiduciary capacity by order or judgment of a court or by authority of any law of this state, including as a: personal representative; executor; administrator; conservator; guardian; assignee; receiver; depositary; or trustee. This Subsectiondoes not apply to a bank or other corporation authorized to engage and lawfully engaged in the trust business in this state before July 1, 1981. (1)
(2) Nothing in this chapter prohibits: a corporation, organized under, or Title 16,, from acting as trustee of an employee benefit trust established for the employees of the corporation or the employees of one or more other corporations affiliated with the corporation; Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act Chapter 10a, Utah Revised Business Corporation Act a corporation, organized under, and that a charitable, benevolent, eleemosynary, or religious organization owns or controls, from acting as a trustee for that organization or members of that organization but not offering trust services to the general public; Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act a corporation, organized under, or Title 16,, from holding in a fiduciary capacity the controlling shares of another corporation but not offering trust services to the general public; or Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act Chapter 10a, Utah Revised Business Corporation Act a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).