H. B. 2707
(By Delegates Azinger, Trump, Blass and Beane)
[Introduced February 24, 1995; referred to the
Committee on the Judiciary.]
A BILL to amend article one, chapter thirty-six of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
four-a, relating to requiring the recording of a memorandum
of trust with the clerk of the county commission; and
specifying requirements for the memorandum of trust.
Be it enacted by the Legislature of West Virginia:
That article one, chapter thirty-six of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
four-a, to read as follows:
ARTICLE 1. CREATION OF ESTATES GENERALLY.
§36-1-4a. Memorandum of trust; requirements; presentations;
and recordation.
(a) The settlor and the trustee of a trust shall present a
memorandum of trust for recordation in the office of the clerk of
the county commission of any county in which the real property
that is subject to the trust is located.
(1) The memorandum of trust shall be executed by the settlor
and trustee of the trust, attested to by witnesses and
acknowledged by the settlor and trustee.
(2) The memorandum of trust shall state the following:
(A) The names and addresses of the settlor and the trustee
of the trust;
(B) The date of execution of the trust; and
(C) The powers specified in the trust relating to the
acquisition, sale or encumbering of the real property of the
trustee, and any restrictions on those powers.
(b) A memorandum of trust that satisfies the requirements of
this section may also set forth or describe the substance or
actual text of the provisions of the trust.
(c) A memorandum of trust that satisfies the requirements of
this section constitutes notice only of the information contained
in the memorandum of trust.
(d) Upon presentation for recordation of a memorandum of
trust that satisfies the requirements of this section, the clerk
of the county commission shall record the memorandum of trust.
NOTE: The purpose of this bill is to require the settlor
and the trustee of a trust to record a memorandum of trust with
the clerk of the county commission in the county where the real
property that is subject to the trust is located.
Section four-a is new; therefore, strike-throughs
and underscoring have been omitted.