Rule 4-301. Trust Accounts.

Intent:

To establish a procedure for the disposition of 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 to a litigant.

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

(2)(B) No interest bearing trust account will be established until a litigant completes and files with the court an Interest Bearing Trust Agreement.

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

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

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