Nebraska Statutes 76-268. Trust deeds executed after 1917; failure to name beneficiary and record; presumption of authority of trustee to convey; filing of notice by beneficiary
If any conveyance of the title to, or any right or interest in real estate, or any lien thereon, shall be made after July 24, 1917, to any person or corporation as trustee without naming any beneficiary and without any declaration of the terms of the trust having been executed and recorded in the manner prescribed by statute, in the office of the register of deeds of the county in which such real estate is located, it shall be conclusively presumed that such person or corporation as trustee, has power and authority to convey the title, right and interest in such real estate which has been conveyed to him, or to assign or release such lien without any other person joining therein, and a purchaser from such trustee shall not be bound to inquire or ascertain the terms of the trust, unless before such conveyance, assignment or release has been made by such trustee, the person claiming a beneficial interest therein shall have filed a notice as provided in section 76-267, in the office of the register of deeds of the county in which said real estate is located.
Terms Used In Nebraska Statutes 76-268
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.