Session Law

Identifying Information:L. 2001 ch. 037
Other Identifying Information:2001 House Bill 2148
Tax Type:Other
Brief Description:An Act relating to trusts; providing for certification of trusts.
Keywords:


Body:

CHAPTER 37

HOUSE BILL No. 2148


An Act relating to trusts; providing for certification of trusts.

Be it enacted by the Legislature of the State of Kansas:

Section 1. (a) A trustee may present a certification of trust to any

person in lieu of a copy of any trust instrument to establish the existence

or terms of the trust. The trustee may present the certification of trust

voluntarily or at the request of the person with whom the trustee is deal-

ing. Notwithstanding any provision of the Kansas uniform trustees' pow-

ers act to the contrary, no person is required to accept and rely solely on

a certification of trust in lieu of a copy of, or excerpts from, the trust

instrument itself.

(b) A certification of trust shall be in the form of an affidavit and

signed and acknowledged by a corporate trustee, or one or more acting

trustees of the trust.

Sec. 2. (a) A certification of trust may confirm the following facts or

contain the following information:

(1) The existence of a trust and, for an inter vivos trust, the date of

execution or, for a testamentary trust, the date of death of the decedent;

(2) the identity of the grantor, settlor or testator and each currently

acting trustee;

(3) the powers of the trustee and any restrictions imposed upon the

trustee in dealing with the assets of the trust;

(4) the name or method of choosing successor trustees;

(5) the revocability or irrevocability of the trust and the identity of

any person holding a power to revoke it;

(6) if there is more than one trustee, whether all of the currently

acting trustees must, or if less than all, may, act to exercise identified

powers of the trustee;

(7) the identifying number of the trust and whether it is a social se-

curity number or an employer identification number;

(8) the name of each beneficiary and the relationship to the grantor,

settlor or testator;

(9) the state or other jurisdiction under which the trust was estab-

lished;

(10) the form in which title to the assets of the trust was established;

and

(11) the form in which title to the assets of the trust is to be taken.

(b) The certification of trust shall contain a statement that the trust

has not been revoked or amended to make any representations contained

in the certification of trust incorrect and that the signature is that of the

corporate trustee or the signature or signatures of one or more of the

acting trustees.

Sec. 3. A certification of trust need not contain the dispositive pro-

visions of the trust, but the person to whom the certification of trust is

presented may require copies of or excerpts from, any trust instrument

which designates the trustee or confers upon the trustee power to act in

the pending transaction.

Sec. 4. A person who acts in reliance upon a certification of trust

without any knowledge that the representations contained in the certifi-

cation of trust are incorrect is not liable to any person for such actions.

A person who does not know that the representations contained in the

certification of trust are incorrect may assume without inquiry the exis-

tence of the representations contained in the certification of trust. Knowl-

edge may not be inferred solely from the fact that a copy of all or part of

a trust instrument is held by the person relying upon the certification of

trust.

Sec. 5. A person's failure to demand a certification of trust, or a per-

son's refusal to accept and rely solely on a certification of trust, shall not

be considered an improper act, and no inference as to whether such

person has acted in good faith shall be drawn from the failure to demand

or the refusal to accept and rely upon, a certification of trust. This section

creates no implication that a person is liable for acting in reliance upon

a certification of trust under circumstances in which the requirements of

sections 1 through 6, and amendments thereto, are not satisfied.

Sec. 6. Sections 1 through 5, and amendments thereto, apply to all

trusts whether established pursuant to Kansas law or established pursuant

to the law of another state or jurisdiction.

Sec. 7. This act shall take effect and be in force from and after its

publication in the statute book.

Approved March 27, 2000.


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Date Composed: 09/25/2001 Date Modified: 09/25/2001