It is enacted by the General Assembly as follows:

SECTION 1. Section 34-4-27 of the General Laws in Chapter 34-4 entitled "Estates in Real Property" is hereby amended to read as follows:

{ADD 34-4-27. Title to real estate -- Trusts. [Effective January 1, 1995.] -- ADD} (a) Property to be held in trust shall be conveyed to the trustees of the subject trust. An affidavit or memorandum of trust may be recorded in connection with the creation, amendment, restatement or revocation of a trust. Any transfer or mortgage of trust property by the trustees shall require the recording of the trust instrument {ADD as amended or restated, ADD} or, in the alternative, the recording of such an affidavit or memorandum. An affidavit or memorandum of trust shall be executed {ADD either ADD} by {DEL the DEL} {ADD each ADD} settlor of the trust, or {DEL in the event the settlor is deceased, executed DEL} by {DEL all of the DEL} {ADD each current ADD} trustee {DEL s DEL} and shall include the following information:

(1) Name of the trust {DEL ; DEL} {ADD , including the name of each settlor, the name of each original trustee, and the date of the original instrument and of each amendment or restatement; ADD}

(2) Names of the {ADD current ADD} trustees;

(3) Statement as to whether the trustees have the power to perform discretionary acts as trustees without the consent, concurrence, or direction of the beneficiaries;

(4) Statement as to the trustee's authority to convey, mortgage, lease, grant restrictions or easements or any other interest in the real estate, with a copy of the relevant provisions of the trust attached to the affidavit or memorandum;

(5) Statement as to whether anything in the trust derogates from the power of the trustees to convey, mortgage, lease, or grant restrictions or easements or any other interest in real estate;

(6) Statement {DEL that the trust has not been revoked and is still in full force and effect, and, if executed by the trustees, that the trustees executing the affidavit or memorandum have not resigned, been replaced or otherwise ceased to serve; DEL} {ADD as to whether the trust has been revoked or has otherwise terminated and, if the trust has been revoked or has otherwise terminated, a statement as to the trustees' power to convey trust property to effect such revocation or termination; ADD}

(7) Statement as to the manner in which trustees are replaced and successor trustees are appointed;

(8) Statement regarding the time and manner in which the trust terminates {DEL ; DEL} {ADD as well as a statement as to whether the trust is revocable and, if revocable, the circumstances under which it becomes irrevocable; and ADD}

(9) Statement regarding the date and place of death of the settlor {DEL or nature of disability DEL} (if applicable).

(b) Any third party, {DEL transferee DEL} without actual knowledge to the contrary may rely on the validity of the statements contained in any such affidavit or memorandum.

(c) Any amendment or revocation of {DEL said DEL} {ADD a ADD} trust {ADD or an affidavit or memorandum thereof ADD} must be recorded to {DEL be binding DEL} {ADD constitute notice to third parties ADD} .

{ADD (d) The provisions of this section shall apply to all transactions regarding all trusts and recorded instruments pertaining to real property recorded on or after the effective date of this act. ADD}

SECTION 2. This act shall take effect upon passage.