Utah Code § 7-5-101 Definitions.
7-5-101. Definitions.
As used in this chapter:
(1) "Business trust" means an entity engaged in a trade or business that is created by a declaration of trust that transfers property to trustees, that the trustees hold and manage for the benefit of one or more persons holding certificates representing the beneficial interest in the trust estate and assets.
(2) "Interested person" means the same as that term is defined in Section 75-1-201.
(3) "Personal representative" means the same as that term is defined in Section 75-1-201.
(4) "Power of direction" means the same as that term is defined in Section 75B-3-102.
(5) "Trust" means the same as that term is defined in Section 75B-1-101.
(6)
(a) "Trust business" means a business in which a person acts in an agency or a fiduciary capacity, including as a personal representative, an executor, an administrator, a conservator, a guardian, an assignee, a receiver, a depositary, or a trustee under appointment as trustee for a purpose permitted by law.
(b) "Trust business" does not include the following means of holding money, assets, or other property:
(i) money that an attorney authorized to practice law in this state holds in a client trust account;
(ii) money that a person licensed as a principal broker in accordance with Title 61, Chapter 2f, Real Estate Licensing and Practices Act, holds in connection with the purchase or sale of real estate;
(iii) money or other assets that a person the department, in accordance with Chapter 22, Regulation of Independent Escrow Agents, authorizes to act as an escrow agent or that the Insurance Department authorizes to act as an escrow agent holds in escrow;
(iv) money that a homeowners' association or similar organization holds to pay maintenance and other related costs for commonly owned property;
(v) money that a person, acting solely as the agent or representative or otherwise at the sole direction of the person to which the debt or payment is owed, holds in connection with the collection of debts or payments on loans, including money an escrow agent holds for payment of taxes or insurance;
(vi) money or other assets that an individual holds in trust on an occasional or isolated basis if the individual does not represent that the individual engages in the trust business in this state;
(vii) money or other assets that a court finds that a person holds in an implied, resulting, or constructive trust;
(viii) money or other assets that a court-appointed conservator, guardian, receiver, trustee, or other fiduciary holds if the court-appointed conservator, guardian, receiver, trustee, or other fiduciary:
(A)
(I) is responsible to the court in the same or similar manner as a personal representative under Title 75, Chapter 3, Part 5, Supervised Administration, or as a receiver under Rule 66, Utah Rules of Civil Procedure; and
(II) is a certified public accountant, a certified financial planner, chartered financial consultant, or certified financial analyst; or
(B) demonstrates to the satisfaction of the court a level of competence necessary to carry out, manage, and oversee the financial and fiduciary duties that will reasonably be required of the court-appointed conservator, guardian, receiver, trustee, or other fiduciary;
(ix) money or other assets that a court-appointed trustee or personal representative holds, if the court-appointed trustee or personal representative:
(A) has the consent and approval of the majority of the current permissible distributees of trust income and principal at the time of appointment or the interested persons in the estate at the time of appointment; or
(B) otherwise demonstrates to the satisfaction of the court a level of competence necessary to carry out, manage, or oversee the financial and fiduciary duties that are reasonably required of the trustee or personal representative;
(x) money or other assets that a credit services organization operating in compliance with Title 13, Chapter 21, Credit Services Organizations Act, holds;
(xi) money, securities, or other assets that a customer account in connection with the purchase or sale of securities by a regulated securities broker, dealer, or transfer agent holds;
(xii) money, assets, and other property that a person holds in a business trust for the benefit of holders of certificates of beneficial interest if the fiduciary activities of the business trust are merely incidental to conducting business in the business trust form;
(xiii) a person exercising a fiduciary or non-fiduciary power, including power of direction, while acting as a trust director, trust protector, trust advisor, or a similar capacity;
(xiv) a person acting as a surrogate under Title 75A, Chapter 9, Uniform Health Care Decisions Act, or in a similar capacity; or
(xv) services as a guardian, if:
(A) the guardian's ward is a protected person with an appointed conservator that serves with the guardian; or
(B) the responsibilities, powers, and authorities of the guardian are limited and non-financial in nature.
(7) "Trust company" means a person authorized to engage in trust business under this chapter.
(8) "Trust director" means the same as that term is defined in Section 75B-3-102.
Renumbered and Amended by Chapter 112, 2026 General Session