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[Utah Code Table of Contents]
[TITLE 16. Table of Contents]
16-12-1 Short title.
This act shall be known and cited as the "Real Estate
Investment Trust Act."
1965
16-12-2 Definition of real estate investment trust.
A real estate investment trust is an unincorporated trust
or association which has complied or intends to comply with
Sections 856, 857, and 858 of the federal Internal Revenue
Code of 1954, as amended, or such sections or section of
any subsequent internal revenue code as may be applicable
to organizations described in Public Law 86-779.
1965
16-12-3 Declaration of trust - Filing fee.
An original and one copy of the declaration of trust of
a real estate investment trust shall be delivered to the
Division of Corporations and Commercial Code, and he shall
endorse on the original and one copy the word "filed." The
Division of Corporations and Commercial Code shall file the
original in his office, and shall return the copy to the
trustees or their representatives. The Division of Corporations
and Commercial Code may charge a fee pursuant to Section
63-38-3.2
for the filing.
1994
16-12-4 Powers of real estate investment trust.
A real estate investment trust shall have power to sue
and be sued, in its trust name, and to acquire title, lease,
mortgage, convey or otherwise deal with real and personal
property, or any interest therein in its trust name.
1965
16-12-5 Limited liability of shareholders or beneficiaries.
The shareholders or beneficiaries of a real estate investment
trust shall not, as such, be personally liable for obligations
of the real estate investment trust, and shall be under no
obligation to the trust or its creditors with respect to
such shares or interest other than the obligation to pay
the trust the full amount of consideration for which such
shares were issued or to be issued.
1965
16-12-6 Trustee governed by declaration of trust - Liability.
A trustee of a real estate investment trust shall be governed
by all the provisions of the declaration of trust and shall
not be liable for any claims or damages that may result from
his acts in the discharge of any duty imposed or power conferred
upon him by the trust, if he exercises ordinary care, and
acts in good faith, but shall be liable for his own willful
misfeasance or malfeasance. Persons dealing with the trust
through the trustees or agents shall look to the trust estate
for performance of obligations.
1965
