with trust securities. (1) Except as provided in Section 7-5-109, Title 75B, Trusts, or as authorized under the instrument creating the relationship, a trust company may not: (a) invest funds the trust company holds as an agent or fiduciary in stock or obligations of the trust company or any of the trust company's directors, officers or employees; (b) use funds the trust company holds as an agent or fiduciary to acquire property from the trust company or any of the trust company's directors, officers, or employees; or (c) sell property the trust company holds as an agent or fiduciary to the trust company or to any of trust company's directors, officers, or employees. (2) A trust company may retain and vote stock of the trust company or of any of the trust company's affiliates the trust company receives as assets of any trust account or in any other fiduciary relationship for which the trust company is appointed agent or fiduciary, unless the instrument creating the relationship otherwise provides. (3) (a) A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security in accordance with federal and state securities laws. (b) The policies and procedures described in Subsection (3)(a) shall prohibit the trust company from using material inside information in connection with any decision or recommendation to purchase or sell any security. Renumbered and Amended by Chapter 112, 2026 General Session
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