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Senate adopts technical trustee amendment to clear bank financing, sends bill to House
Summary
The Senate approved a first substitute to SB4001 to restore a provision on foreign corporate trustees so banks can complete financing; the amendment makes the change retroactive to July and the bill was sent to the House after a 26-0 vote.
The Utah State Senate on Sept. 15 adopted a first substitute to Senate Bill 4,001 to restore a technical provision governing foreign corporate trustees that sponsors said is necessary to allow banks to finish pending financing.
Senator Hilliard, floor sponsor, told the chamber the change fixes a drafting omission in the Uniform Trust Act and would allow corporate trustees and commercial trust departments to operate in transactions that cross state lines. "Without that, our banks are limited to only this state where they can handle these transactions," Hilliard said, urging immediate action and retroactive effect to July so financing already underway would not be delayed.
Supporters said the amendment affects a narrow area of commerce but involves substantial sums and that banks backing the change saw no organized opposition. Senate leaders moved the bill as a substitute, and the body approved the measure by roll call, recording 26 aye votes, no nays and three absences. The bill will be referred to the House for further consideration and, if signed by the governor, would take effect immediately as written in the substitute.
The Senate recorded no floor opposition during the debate and the president ordered the bill returned to the House for the next legislative steps.
