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

Utah Statutes

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

Utah·Title 7 Financial Institutions Act·Ch. 7-5 Trust Business

(1)Unless expressly permitted in the instrument creating a trust account or by a person authorized to give that permission or by a court order as permitted in Section 75B-2-802, a trust company may not lend to itself or to any officer or director or employee of the trust company any funds held in any trust account under the powers conferred in this chapter.

(2)Any officer, director or employee making such a loan, or to whom such a loan is made, is guilty of a third degree felony.

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(1) Unless expressly permitted in the instrument creating a trust account or by a person authorized to give that permission or by a court order as permitted in Section 75B-2-802, a trust company may not lend to itself or to any officer or director or employee of the trust company any funds held in any trust account under the powers conferred in this chapter.
(2) Any officer, director or employee making such a loan, or to whom such a loan is made, is guilty of a third degree felony.

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