2001 Regular Session
To: Judiciary A
By: Representative Snowden
House Bill 1216
(As Passed the House)
AN ACT TO CREATE SECTION 91-9-2, MISSISSIPPI CODE OF 1972, TO ALLOW TRUSTS TO TAKE TITLE TO REAL PROPERTY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The following shall be codified as Section 91-9-2, Mississippi Code of 1972:
91-9-2. (1) All property originally brought into the trust or subsequently acquired by purchase or otherwise, on account of the trust, is trust property.
(2) Unless the contrary intention appears, property acquired with trust funds is trust property.
(3) Any estate in real property may be acquired in the trust name. Title so acquired can be conveyed only in the trust name.
(4) A conveyance to a trust in the trust name, though without words of inheritance, passes the entire estate of the grantor unless a contrary intent appears. This subsection (4) shall apply to all conveyances to a trust in the trust name heretofore made, provided, however, any person having a cause of action, because of such conveyance as of July 1, 2001, may commence suit on such cause of action within one (1) year of said date, unless such cause of action be sooner barred by existing law, and not afterwards.
SECTION 2. This act shall take effect and be in force from and after July 1, 2001.