Print Version
Previous PageFile uploaded: 4/3/2012

Rule4-301. Trust Accounts.

Intent:

To establish a procedure for the dispositionof interest on trust accounts pursuant to the Utah Code.

Applicability:

This rule shall apply to the judiciary.

Statement of the Rule:

(1) Unless otherwise provided by this rule,interest on trust accounts accrues to the state.

(2) Accrual of interest on trust account toa litigant.

(2)(A) For trust amounts in excess of$5,000, the court may order or the litigant may request that such funds bedeposited in an interest bearing trust account.

(2)(B) No interest bearing trust accountwill be established until a litigant completes and files with the court anInterest Bearing Trust Agreement.

(2)(C) The interest bearing trust accountshall be at an institution designated by the administrative office unlessotherwise ordered by the court. The account shall be maintained in the name ofthe court, and the State tax identification number of the litigant(s)depositing the funds shall be used.

(2)(D) An administrative fee, in an amountestablished by the Council, shall be assessed.

(2)(E) The court shall, in all ordersproviding for the withdrawal of trust funds, designate the person or entity towhom the earned interest is awarded.