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House passes S.B. 4001 to restore trust‑law provision, clears backlog of cross‑border credit transactions
Summary
The Utah House unanimously passed First Substitute Senate Bill 4,001, restoring an omitted provision in prior trust legislation to clarify recognition of out‑of‑state corporations for credit transactions and applying a retroactive reach‑back; the measure passed 71–0 and will be returned to the Senate.
The Utah House of Representatives on the floor passed First Substitute Senate Bill 4,001 on a 71–0 roll call after Representative Dave Clark explained the bill would restore an inadvertently omitted provision in the state’s trust-related law and clarify when out‑of‑state corporations may be treated as authorized participants in certain credit transactions.
Representative Dave Clark, who summarized the bill for the House, said the provision being reenacted ‘‘allows corporations and ... a foreign corporate. Foreign is anything outside the state of…
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