Utah Code § 7-5-111
Lending trust funds to trust company, officer, director, or employee a felony
Utah · Utah Code Title 7 — Financial Institutions Act · Status: effective
Cite this
- Citation
- Utah Code § 7-5-111, Lending trust funds to trust company, officer, director, or employee a felony, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2324433
- Permanent ID
ys:prov:2324433@1- SHA-256
9ae912e3708dc7af65121378d4beadcaff4b0dacd25d58aa4274567dbda729f7
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(1) Except as provided in Subsection (2), a trust company may not lend funds that the trust company holds in a trust account in accordance with this chapter to:
(a) the trust company;
(b) an officer of the trust company;
(c) a director of the trust company; or
(d) an employee of the trust company.
(2) A trust company may lend funds to a person described in Subsection (1) if:
(a) the instrument creating a trust account authorizes the trust company to lend funds to the person;
(b) a person authorized to grant authorization to the trust company to lend funds to the person grants authorization; or
(c) a court issues an order in accordance with Section 75B-2-802.
(3) An officer, a director, or an employee is guilty of a third degree felony if the officer, director, or employee:
(a) makes a loan in violation of Subsection (1); or
(b) receives a loan that violates Subsection (1).