Chapter 058
2016 -- S 2102
Enacted 06/08/2016

A N   A C T
RELATING TO PROPERTY - ESTATES IN REAL PROPERTY

Introduced By: Senators Lombardi, Archambault, DiPalma, Conley, and Lombardo
Date Introduced: January 21, 2016

It is enacted by the General Assembly as follows:
     SECTION 1. Chapter 34-4 of the General Laws entitled "Estates in Real Property" is
hereby amended by adding thereto the following section:
     34-4-30. Conveyance to or by nominee trust. – (a) Notwithstanding the provisions of
§34-4-27, title to real estate conveyed to a nominee trust or to the trustee of a nominee trust and
conveyances of real estate by a trustee of a nominee trust are not on that account defective, and
the conveyance shall be deemed valid so long as the following shall have occurred:
     (1) A memorandum of trust pursuant to §34-4-27 shall have been properly prepared and
recorded; and
     (2) The trustee of the nominee trust shall include in the memorandum of trust a statement
to the effect that the trustee has received the consent of each of the beneficiaries authorizing the
action of the trustee as required by the nominee trust.
     (b) A trustee executing a memorandum of trust and representing that they have obtained
the consent of the beneficiaries shall be subject to personal liability to each of the beneficiaries as
well as the grantees and the grantees' successors and/or assigns under the instrument purported to
be executed with the consent of the beneficiaries, in the event such consent was not obtained.
     (c) A nominee trust is defined as a trust in which the trustee(s) is/are not granted
discretionary authority to act without the consent, concurrence, or direction of the beneficiaries.
     SECTION 2. This act shall take effect upon passage and shall apply retroactively to prior
deeds from and to a nominee trust.
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LC003983
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