7-5-8 - Segregation of trust assets -- Books and records required -- Examination -- Trust property not subject to claims or debts against trust company.
7-5-8. Segregation of trust assets -- Books and records required -- Examination --Trust property not subject to claims or debts against trust company.
A trust company exercising the powers to act as an agent or fiduciary under this chaptershall segregate all assets held in any agency or fiduciary capacity from the general assets of thecompany and shall keep a separate set of books and records showing in proper detail alltransactions engaged in under authority of this chapter. These books and records shall be open toinspection by the commissioner and shall be examined by him or by examiners appointed by himas provided in Chapter 1 or examined by other appropriate regulating agencies or both. Propertyheld in an agency or fiduciary capacity by a trust company is not subject to claims or debtsagainst the trust company.
Amended by Chapter 378, 2010 General Session