A statute has gone into effect regarding a Certification of Trust. The statute is 456.10-1013.
1. Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information:
• That the trust exists and the date the trust instrument was executed
• The identity of the settlor
• The identity and address of the currently acting trustee
• The powers of the trustee
• The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust
• The authority of co-trustees to sign or otherwise authenticate and whether all or less than all are required in order to exercise powers of the trustee
• The trust’s taxpayer identification number; and
• The manner of taking title to trust property
2. All the trustees must sign a certification of trust. A third party may require that the certification of trust be acknowledged or guaranteed.
3. A certification of trust must state that the trust not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect.
4. A certification of trust need not contain the dispositive terms of a trust.
5. A recipient of a certification of trust may require the trustee furnish copies of those excerpts from the original trust instrument and later amendments which designate the trustee and confer upon the trustee the power to act in the pending transaction.
6. A person who acts in reliance upon a certification of trust without knowledge that the representations contained therein are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying upon the certification.
7. A person who in good faith enters into a transaction in reliance upon a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.
8. A person making a demand for the trust instrument in addition to a certification of trust or excerpts is liable for damages if the court determines that the person did not act in good faith in demanding the trust instrument.
9. This section does not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust. Any questions regarding a transaction including a Trust Agreement or the use of a Certification of Trust can be directed to Security Title. Please feel free to call: Jack Forsythe Legal Counsel (314) 835-4105 “Secure Your Investment With Security Title”
