Deeds held in name of statutory trust.

WORKING DRAFT
2009
STATE OF
WYOMING
09LSO-0176

SENATE FILE
NO.
SF0123

Deeds held in name of statutory trust.

Sponsored by:
Senator(s) Anderson, J.

A BILL

for

AN ACT relating to
conveyances of real property; providing for real property to be held in the name of a registered statutory trust;
and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.
W.S. 34
‑
2
‑
122 is amended to read:

34
‑
2
‑
122.

Notice of trust or representative capacity of grantee.

In all instruments conveying real estate, or interests therein, in which the grantee is described as trustee, agent, or as in any other representative capacity, the instruments of conveyance shall also define the trust or other agreement under which the grantee is acting. In all instruments conveying real estate, or interests therein, in which the grantee is described as a trust, the instrument of conveyance shall also define the trust or other instrument and shall be deemed to have vested title in the trustee or trustees of the trust
, or, in the case of a statutory trust registered pursuant to W.S. 17
‑
23
‑
114, shall be deemed to have vested title in the name of the trust
. For purposes of this section, it shall be sufficient to define a trust by providing in the text of the instrument the name of the trustee or trustees and the name of the trust, the date of the trust or other agreement, or by referring by proper description of the affecting record book, page, document number or file, to the instrument, order, decree or other writing, which is of public record in the county in which the land so conveyed is located and in which the required information appears; otherwise the description of a grantee in any representative capacity in each instrument of conveyance shall be considered and held to be a description of the grantee, only, and shall not be notice of any trust, agency or other representative capacity of the grantee who shall be held as vested with the power to convey, transfer, encumber or release the affected title. Whenever the grantee shall execute and deliver a conveyance, transfer, encumbrance or release of the property in a representative capacity, it shall not thereafter be questioned by anyone claiming as a beneficiary under the trust or agency or by anyone claiming by, through or under any undisclosed beneficiary. Trust property in the name of the trustee, agent or representative and owned only in that capacity shall not be subject to execution for the grantee's individual obligations.

Section 2.
This act is effective July 1, 2009.

(END)

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SF0123