Minnesota Certificate of Trust by Corporation
Certificate of trust.
Subdivision 1. Contents of certificate.
The grantor or a trustee of a trust, at any time
after execution or creation of a trust, may execute a certificate of trust
that sets forth less than all of the provisions of a trust instrument and
any amendments to the instrument. The certificate of trust may be used
for purposes of selling, conveying, pledging, mortgaging, leasing, or transferring
title to any interest in real or personal property. The certificate of
trust must include:
(1) the name of the trust, if one is given;
(2) the date of the trust instrument;
(3) the name of each grantor;
(4) the name of each original trustee;
(5) the name and address of each trustee empowered to act under
the trust instrument at the time of execution of the certificate;
(6) the following statement: "The trustees are authorized by the
instrument to sell, convey, pledge, mortgage, lease, or transfer title
to any interest in real or personal property, except as limited by the
following: (if none, so indicate)";
(7) any other trust provisions the grantors or trustees include;
and
(8) a statement as to whether the trust instrument has terminated
or been revoked.
The certificate of trust must be upon the representation
of the grantors or trustees that the statements contained in the certificate
of trust are true and correct and that there are no other provisions in
the trust instrument or amendments to it that limit the powers of the trustees
to sell, convey, pledge, mortgage, lease, or transfer title to interests
in real or personal property. The signature of the grantors or trustees
must be under oath before a notary public or other official authorized
to administer oaths.
Subd. 2. Effect.
A certificate of trust executed under subdivision
1 may be recorded in the office of the county recorder for any county or
filed with the office of the registrar of titles with respect to registered
land described in the certificate of trust or any attachment to it. When
it is recorded or filed in a county where real property is situated, or
in the case of personal property, when it is presented to a third party,
the certificate of trust serves to document the existence of the trust,
the identity of the trustees, the powers of the trustees and any limitations
on those powers, and other matters the certificate of trust sets out, as
though the full trust instrument had been recorded, filed, or presented.
Until amended or revoked under subdivision 3, or until the full trust instrument
is recorded, filed, or presented, a certificate of trust is prima
facie proof as to the matters contained in it and any party may rely upon
the continued effectiveness of the certificate.
Subd. 3. Amendment or revocation.
Amendment or revocation of a certificate of trust
may be made only by a written instrument executed by the grantor or a trustee
of a trust. Amendment or revocation of a certificate of trust is not effective
as to a party unless that party has actual notice of the amendment or revocation.
For purposes of this subdivision, "actual notice"
means that a written instrument of amendment or revocation has been received
by the party or, in the case of real property, that either a written instrument
of amendment or revocation has been received by the party or that a written
instrument of amendment or revocation containing the legal description
of the real property has been recorded in the office of the county recorder
or filed in the office of the registrar of titles where the real property
is situated. Chap. 501B, §501B.56
