About Bank of Utah

Bank of Utah offers corporate trust services related to the commercial and business aviation industries, including owner trusts and security trusts.

Bank of Utah’s well-respected trust department has built a special expertise and reputation in aircraft trusts. Our expertise is sought after by individuals, public and private companies, commercial airlines, charter and aviation service providers, aircraft leasing companies, aircraft manufacturers, lenders and banks from around the world. Bank of Utah holds thousands of aircraft in trust as owner trustee and has hundreds of active security trustee accounts.

Globally, the FAA is a preferred aircraft registry for many reasons, but primarily because the FAA maintenance standards allow for ease in appraising the aircraft for future resale.  Many individuals and entities, including U.S. companies, do not qualify as U.S. citizens for FAA registration purposes. Fortunately, U.S. law provides for FAA registration of foreign-owned aircraft through a few methods, with the owner trust being the most simple and cost-effective means. FAA records will reflect the trustee as the titled and registered owner, and the trust is filed with the FAA, so the U.S. government has a record of all trust beneficiaries. As owner trustee, Bank of Utah does not retain operational control of any of the aircraft owned in trust but transfers such control to an operator or lessee by way of a written agreement. 

The importance and legitimacy of aircraft trusts in the United States have been well-recognized by the FAA for many years. Bank of Utah works diligently to follow all FAA and banking regulations, and continues to update policies and procedures in an effort to follow best industry practices. If the FAA finds an issue related to an aircraft, Bank of Utah works hand in hand with the FAA to resolve the matter and takes immediate, appropriate action. The Bank’s internal risk-management processes are always being updated to implement best practices and enhance the risk-assessment of countries as the world changes.

Bank of Utah follows standards that are mandated by the highly-regulated banking industry, and follows all laws and regulations regarding the people and companies with whom it does business.

Bank of Utah is committed to the corporate trust business for the long-term. Our organization has some of the finest, most experienced trust professionals in the industry, and we will continue to provide the highest quality corporate trust services.