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2021 Utah Code
Title 7 - Financial Institutions Act
Chapter 9 - Utah Credit Union Act
Section 31 - Shares held in trust.
Universal Citation:
UT Code § 7-9-31 (2021)
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7-9-31. Shares held in trust.
Amended by Chapter 182, 1996 General Session
- (1) Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by his parent or guardian.
- (2) A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union.
- (3) The trustee of the trust meeting the requirements of Subsection (2) shall exercise the rights of the trust as a member of the credit union.
Amended by Chapter 182, 1996 General Session
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