2006 Minnesota Statutes

501B.56 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(8) a statement as to whether the trust instrument has terminated or been revoked.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.
    Subd. 4. Application. Subdivisions 1 to 3 are effective August 1, 1992, but apply to trust
instruments whenever created or executed.
History: 1992 c 548 s 2