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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Just expand the Trustee's duties in Kansas... Posted by Ward-CA- on May 14, 2009 at 6:31 PM In Reply to: Land Trusts illegal??? posted by Rick on May 14, 2009 at 3:44 PM Rick, The original land trust declaration, as devised by Chicago Title back in 1891, expressly declares that the Trustee shall not be involved in the hands-on management, upkeep, repair, etc. of the trust's assets—that the trustee's only duty is to sign documents (such as deeds, mortgages, etc.) that affect the title of the real property owned by the trust. Kansas is opposed to such a restriction on the scope of the Trustee's duties, so under K.S.A. 58-2413 in order to make a land trust valid, the trustee must have some independent power of disposition and management of the trust's property. To accomplish that end just attach an amendment (signed by all beneficiaries) to the trust declaration that gives such powers to the trustee. Hope this helps, ----------------Ward ==================== : I'm buying a 4plex in Kansas, title officer said land trusts are illegal in that state. Could this be? Any comments? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Rick, : The original land trust declaration, as devised by Chicago Title back in 1891, expressly declares that the Trustee shall not be involved in the hands-on management, upkeep, repair, etc. of the trust's assets—that the trustee's only duty is to sign documents (such as deeds, mortgages, etc.) that affect the title of the real property owned by the trust. : Kansas is opposed to such a restriction on the scope of the Trustee's duties, so under K.S.A. 58-2413 in order to make a land trust valid, the trustee must have some independent power of disposition and management of the trust's property. To accomplish that end just attach an amendment (signed by all beneficiaries) to the trust declaration that gives such powers to the trustee. : Hope this helps, : ----------------Ward : ==================== : : : I'm buying a 4plex in Kansas, title officer said land trusts are illegal in that state. Could this be? Any comments? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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