Subdivision 1. Form of affidavit for custodianship. An affidavit of a custodian or of custodians of a custodianship in support of a real property transaction may be substantially in the following form:
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An affidavit by the custodian or custodians under subdivision 1 is proof that:
(1) the custodianship described in the affidavit is a valid custodianship;
(2) either the custodianship has not terminated or been revoked or, if the custodianship has terminated or been revoked, the conveyance described in the affidavit is made pursuant to the provisions of the custodianship;
(3) the powers granted the custodian or custodians extend to the real property described in the affidavit or attachment to the affidavit;
(4) no amendment to the custodianship has been made limiting the power of the custodian or custodians to sell, convey, pledge, mortgage, lease, or transfer title to the real property described in the affidavit or attachment to the affidavit, if any;
(5) the requisite number of custodians have executed and delivered the instrument of conveyance described in the affidavit; and
(6) any necessary court approval of the transaction has been obtained.
The proof is conclusive as to any party relying on the affidavit, except a party dealing directly with the custodian or custodians who has actual knowledge of facts to the contrary.
Subd. 3. Recording. An Affidavit of Custodian or Custodians under subdivision 1 may be recorded in the office of the county recorder for any county or in the office of the registrar of titles for any county with respect to registered land described in the affidavit, or in the Certificate of Custodianship or Custodianship Instrument referred to in the affidavit, and may be recorded as a separate document or combined with or attached to an original or certified copy of a Certificate of Custodianship or Custodianship Instrument, and recorded as one document.
Subd. 4. Application. (a) Subdivisions 1 to 3 apply to custodianship instruments whenever created or executed.
(b) Subdivisions 1 to 3 apply only to custodianships established under a federal law or under a statute of this or any other state. Subdivisions 1 to 3 do not apply to custodianships governed by chapter 527 or by the similar laws of another state.
History:2015 c 5 art 12 s 11