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S. B. No. 134 As Passed by the HouseAs Passed by the House
127th General Assembly | Regular Session | 2007-2008 |
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Cosponsors:
Senators Harris, Kearney, Sawyer, Wilson, Schuler, Spada, Smith, Mason
Representatives Seitz, Huffman, Hughes, Oelslager, Batchelder, Blessing, Bolon, Bubp, Budish, Coley, Combs, Core, DeGeeter, Domenick, Evans, Flowers, Garrison, Gibbs, Harwood, Letson, Okey, Schindel, Williams, B., Yates, Zehringer
A BILL
To amend sections 5301.01 and 5301.255 of the Revised
Code to provide that memoranda of trust be
executed and acknowledged only by the trustee of
the trust instead of both the settlor and trustee.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 5301.01 and 5301.255 of the Revised
Code be amended to read as follows:
Sec. 5301.01. (A) A deed, mortgage, land contract as referred
to
in division
(A)(2)(b) of section 317.08 of the Revised Code,
or
lease
of any interest in real
property and a memorandum of
trust
as
described in division (A) of section
5301.255 of the
Revised
Code
shall be signed by the grantor, mortgagor,
vendor, or
lessor
in
the case of a deed, mortgage, land contract, or lease or
shall
be
signed by the settlor and trustee in the case of a
memorandum
of
trust.
The signing shall be
acknowledged by the
grantor,
mortgagor, vendor, or
lessor, or by
the settlor and
trustee,
before a judge or clerk of a court of
record in this
state, or a
county auditor, county engineer, notary
public, or
mayor, who
shall certify the acknowledgement and
subscribe
the
official's
name to the
certificate of the
acknowledgement.
(B)(1) If a deed, mortgage, land contract as referred to in
division
(A)(2)(b) of section 317.08 of the Revised Code, lease
of
any interest in real property, or a memorandum of trust as
described in division (A) of section 5301.255 of the Revised Code
was executed prior to
February 1, 2002, and was
not acknowledged
in the presence of, or
was not attested by, two
witnesses as
required by this section
prior to that
date, both of the following
apply:
(a) The instrument is deemed properly executed and is
presumed to be valid unless the signature of the grantor,
mortgagor, vendor, or lessor in the case of a deed, mortgage, land
contract, or lease or of the settlor and trustee in the case of a
memorandum of trust was obtained by fraud.
(b) The recording of the instrument in the office of the
county recorder of the county in which the subject property is
situated is constructive notice of the instrument to all persons,
including without limitation, a subsequent purchaser in good faith
or any other subsequent holder of an interest in the property,
regardless of whether the instrument was recorded prior to, on, or
after
February 1, 2002.
(2) Division (B)(1) of this section does not affect any
accrued substantive rights or vested rights that came into
existence prior to
February
1, 2002.
Sec. 5301.255. (A) A memorandum of trust that satisfies
both
of the following may be presented for recordation in the
office of
the county recorder of any county in which real
property
that is
subject to the trust is located:
(1) The memorandum shall be executed by the settlor and
trustee of the trust and acknowledged by
the settlor and trustee
of the trust in accordance with section
5301.01 of the Revised
Code.
(2) The memorandum shall state all of the following:
(a) The names name and addresses address of the settlor and
trustee of
the trust;
(b) The date of execution of the trust;
(c) The powers specified in the trust relative to the
acquisition, sale, or encumbering of real property by the trustee
or the conveyance of real property by the trustee, and any
restrictions upon those powers.
(B) A memorandum of trust that satisfies divisions (A)(1)
and
(2) of this section also may set forth the substance or
actual
text of provisions of the trust that are not described in
those
divisions.
(C) A memorandum of trust that satisfies divisions (A)(1)
and
(2) of this section shall constitute notice only of the
information contained in it.
(D) Upon the presentation for recordation of a memorandum
of
trust that satisfies divisions (A)(1) and (2) of this section
and
the payment of the requisite fee prescribed in section 317.32
of
the Revised Code, a county recorder shall record the
memorandum of
trust as follows:
(1) Unless division (D)(2) of this section applies, in the
record of deeds described in division (A)(1) of section 317.08 of
the
Revised Code, if the memorandum of trust describes specific
real
property, or in the record of powers of attorney described
in
division
(A)(3) of that section, if the memorandum of trust
does
not
describe specific real property;
(2) If the county recorder records instruments in
accordance
with division
(C) of section 317.08 of the Revised
Code, in the
official records described in that division.
Section 2. That existing sections 5301.01 and 5301.255 of the
Revised Code are hereby repealed.
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