State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-05 > 7-5-9

7-5-9. Registration of investment in name of nominee -- Records -- Possession ofinvestment.
(1) A trust company may cause any security, as defined in Section 75-1-201, held in itsagency or fiduciary capacity to be registered and held in the name of a nominee or nominees ofthe trust company. The trust company shall be liable for the acts of any such nominee withrespect to any investment so registered. Investments other than securities held in the name of anominee on June 30, 1981, may continue to be held in that manner.
(2) The records of the trust company shall at all times show the ownership of any suchinvestment, which investment shall be in the possession or control of the trust company and bekept separate and apart from the assets of the trust company.

Amended by Chapter 93, 2010 General Session