TITLE 34
Property

CHAPTER 34-4
Estates in Real Property

SECTION 34-4-27


   § 34-4-27  Title to real estate – Trusts. – (a) Property to be held in trust shall be conveyed to the trustees of the subject trust. An affidavit or memorandum of trust may be recorded in connection with the creation, amendment, restatement, or revocation of a trust. Any transfer or mortgage of trust property by the trustees shall require the recording of the trust instrument as amended or restated, or, in the alternative, the recording of the affidavit or memorandum of trust. An affidavit or memorandum of trust shall be executed either by each settlor of the trust, or by each current trustee and shall include the following information:

   (1) Name of the trust, including the name of each settlor, the name of each original trustee, and the date of the original instrument and of each amendment or restatement;

   (2) Names of the current trustees;

   (3) Statement as to whether the trustees have the power to perform discretionary acts as trustees without the consent, concurrence, or direction of the beneficiaries;

   (4) Statement as to the trustee's authority to convey, mortgage, lease, or grant restrictions or easements or any other interest in the real estate, with a copy of the relevant provisions of the trust attached to the affidavit or memorandum;

   (5) Statement as to whether anything in the trust derogates from the power of the trustees to convey, mortgage, lease, or grant restrictions or easements or any other interest in real estate;

   (6) Statement as to whether the trust has been revoked or has otherwise terminated and, if the trust has been revoked or has otherwise terminated, a statement as to the trustees' power to convey trust property to effect such revocation or termination;

   (7) Statement as to the manner in which the trustees are replaced and successor trustees are appointed;

   (8) Statement regarding the time and manner in which the trust terminates as well as a statement as to whether the trust is revocable and, if revocable, the circumstances under which it becomes irrevocable; and

   (9) Statement regarding the date and place of death of the settlor (if applicable).

   (b) Any third party without actual knowledge to the contrary may rely on the validity of the statements contained in the affidavit or memorandum of trust.

   (c) Any amendment or revocation of a trust or an affidavit or memorandum thereof must be recorded to constitute notice to third parties.

   (d) The provisions of this section shall apply to all transactions regarding all trusts and recorded instruments pertaining to real property recorded on or after the effective date of this act.

History of Section.
(P.L. 1994, ch. 106, § 1; P.L. 1995, ch. 314, § 1.)