January 11, 2018, Introduced by Rep. Lucido and referred to the Committee on Judiciary.
A bill to amend 1991 PA 133, entitled
"An act to allow the use and recording of certain documents
regarding trusts in the case of real property that is conveyed or
otherwise affected by a trust; and to prescribe their effect,"
by amending the title and sections 1 and 5 (MCL 565.431 and
565.435); and to repeal acts and parts of acts.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
TITLE
An
act to allow the use and recording of certain documents
regarding
trusts in the case of for real property that is conveyed
or otherwise affected by a trust; and to prescribe their effect.
Sec. 1. An instrument conveying, encumbering, that conveys,
encumbers,
or otherwise affecting an interest
in affects real
property, executed pursuant to an express trust, may be accompanied
either
by a either of the following:
(a)
A copy of the each operative trust agreement or by a
instrument. As used in this subdivision, "trust instrument" means
that term as defined in section 7103 of the estates and protected
individuals code, 1998 PA 386, MCL 700.7103.
(b)
A certificate of trust existence and
authority, as
described
in sections 2 and 3.under
section 7913 of the estates and
protected individuals code, 1998 PA 386, MCL 700.7913, that
includes the legal description of the affected real property.
Sec.
5. A purchaser or other party relying upon on the
information
contained included in a recorded certificate of trust
existence
and authority shall be afforded under
section 7913 of the
estates and protected individuals code, 1998 PA 386, MCL 700.7913,
has the same protection as is provided to a subsequent purchaser in
good
faith under section 29 of chapter 65 of the Revised Statutes
of
1846 RS 65, being section MCL 565.29. of
the Michigan Compiled
Laws,
and shall A purchaser or
other party described in this
section
is not be required to further
examine the trust agreement,
instrument, unless an instrument amending or revoking the trust
agreement
instrument or certificate of trust existence and
authority
under section 7913 of the
estates and protected
individuals code, 1998 PA 386, MCL 700.7913, is recorded in the
same
office in which the trust agreement instrument or certificate
of
trust existence and authority under
section 7913 of the estates
and protected individuals code, 1998 PA 386, MCL 700.7913, was
recorded. As used in this section, "trust instrument" means that
term as defined in section 7103 of the estates and protected
individuals code, 1998 PA 386, MCL 700.7103.
Enacting section 1. Sections 2, 3, 4, and 6 of 1991 PA 133,
MCL 565.432, 565.433, 565.434, and 565.436, are repealed.