It is enacted by the General Assembly as follows:

SECTION 1. Chapter 34-4 of the General Laws entitled "Estates in Real Property" is hereby amended by adding thereto the following section:

{ADD 34-4-27. Title to real estate -- Trusts. -- ADD} {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 or, in the alternative, the recording of such an affidavit or memorandum. An affidavit or memorandum of trust shall be executed by the settlor of the trust, or in the event the settlor is deceased, executed by all of the trustees and shall include the following information:

(1) name of the trust;

(2) name of the 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(6) statement that the trust has not been revoked and is still in full force and effect, and, if executed by the trustees, that the trustees executing the affidavit or memorandum have not resigned, been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;

(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;

(9) statement regarding the date and place of death of the settlor or nature of disability (if applicable).

(b) Any third party transferee, 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 said trust must be recorded to be binding. ADD}

SECTION 2. This act shall take effect January 1, 1995, and shall apply to all transfers to trustees recorded on or after the effective date.