§ 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.
History of Section. (P.L. 2016, ch. 58, § 1; P.L. 2016, ch. 59, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
