7-5-10 - Lending trust funds to trust company, officer, director, or employee as felony. - Utah Statutes

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7-5-10. Lending trust funds to trust company, officer, director, or employee asfelony.
Unless expressly permitted in the instrument creating a trust account or by a personauthorized to give that permission or by a court order as permitted in Section 75-7-802, no trustcompany shall lend to itself or to any officer or director or employee of the trust company anyfunds held in any trust account under the powers conferred in this chapter. Any officer, directoror employee making such a loan, or to whom such a loan is made, is guilty of a third degreefelony.

Amended by Chapter 89, 2004 General Session

State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-05 > 7-5-10

7-5-10. Lending trust funds to trust company, officer, director, or employee asfelony.
Unless expressly permitted in the instrument creating a trust account or by a personauthorized to give that permission or by a court order as permitted in Section 75-7-802, no trustcompany shall lend to itself or to any officer or director or employee of the trust company anyfunds held in any trust account under the powers conferred in this chapter. Any officer, directoror employee making such a loan, or to whom such a loan is made, is guilty of a third degreefelony.

Amended by Chapter 89, 2004 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-05 > 7-5-10

7-5-10. Lending trust funds to trust company, officer, director, or employee asfelony.
Unless expressly permitted in the instrument creating a trust account or by a personauthorized to give that permission or by a court order as permitted in Section 75-7-802, no trustcompany shall lend to itself or to any officer or director or employee of the trust company anyfunds held in any trust account under the powers conferred in this chapter. Any officer, directoror employee making such a loan, or to whom such a loan is made, is guilty of a third degreefelony.

Amended by Chapter 89, 2004 General Session