1. (1) As used in this section, "security" means the same as that term is defined in Section 75-1-201.
2. (2) A trust company may require that a person register and hold a security that the trust company holds in the trust company's agency or fiduciary capacity in the name of a nominee or nominees of the trust company.
3. (3) The trust company is liable for the acts of a nominee described in Subsection (2) with respect to any investment registered in accordance with Subsection (2).
4. (4) An investment other than a security held in the name of a nominee on June 30, 1981, may continue to be held in that manner.

5. (5) For an investment described in Subsection (4), the trust company shall:

   1. (a) at all times maintain records that show the trust company's ownership of an investment;
   2. (b) maintain possession or control over the investment; and
   3. (c) keep the investment separate and apart from the assets of the trust company.

Renumbered and Amended by Chapter 112, 2026 General Session