Subdivision 1. Contents of certificate. (a) A custodian or the owner of property held in a custodianship, at any time after execution or creation of a custodianship instrument, may execute a certificate of custodianship that sets forth less than all of the provisions of the custodial instrument and any amendments to the instrument. The certificate of custodianship may be used for purposes of selling, conveying, pledging, mortgaging, leasing, or transferring title to any interest in real or personal property. The certificate of custodianship must include:
(1) the name of the custodianship, if one is given;
(2) the date of the custodianship instrument;
(3) the name of each owner of property held in the custodianship;
(4) the name of each original custodian;
(5) the name and address of each custodian empowered to act under the custodianship instrument at the time of execution of the certificate;
(6) the following statement: "The custodians are authorized by the instrument to sell, convey, pledge, mortgage, lease, or transfer title to any interest in real or personal property, except as limited by the following: (if none, so indicate)";
(7) any other custodianship provisions the custodians or owners of property held in the custodianship include; and
(8) a statement as to whether the custodianship instrument has terminated or been revoked.
(b) The certificate of custodianship must be upon the representation of the custodians or the owners of property held in the custodianship that the statements contained in the certificate of custodianship are true and correct and that there are no other provisions in the custodianship instrument or amendments to it that limit the powers of the custodianship to sell, convey, pledge, mortgage, lease, or transfer title to interests in real or personal property. The signature of the custodians or the owners of property held in the custodianship must be under oath before a notary public or other official authorized to administer oaths.
Subd. 2. Effect. A certificate of custodianship executed 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 with respect to registered land described in the certificate of custodianship or any attachment to it. When it is recorded in a county where real property is situated, or in the case of personal property, when it is presented to a third party, the certificate of custodianship serves to document the existence of the custodianship, the identity of the custodians, the powers of the custodians and any limitations on those powers, and other matters the certificate of custodianship sets out, as though the full custodianship instrument had been recorded, filed, or presented. Until amended or revoked under subdivision 3, or until the full custodianship instrument is recorded or presented, a certificate of custodianship is prima facie proof as to the matters contained in it, and any party may rely upon the continued effectiveness of the certificate.
Subd. 3. Amendment or revocation. (a) Amendment or revocation of a certificate of custodianship may be made only by a written instrument executed by a custodian or an owner of property held in the custodianship. Amendment or revocation of a certificate of custodianship is not effective as to a party unless that party has actual notice of the amendment or revocation.
(b) For purposes of this subdivision, "actual notice" means that a written instrument of amendment or revocation has been received by the party or, in the case of real property, that either a written instrument of amendment or revocation has been received by the party or that a written instrument of amendment or revocation containing the legal description of the real property has been recorded in the office of the county recorder or in the office of the registrar of titles where the real property is situated.
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.
2015 c 5 art 12 s 10
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 507 — Recording And Filing Conveyances
Section 507.01 — Conveyance And Purchaser.
Section 507.02 — Conveyances By Spouses; Powers Of Attorney.
Section 507.021 — Conveyances Recorded 15 Years Validated.
Section 507.03 — Purchase-money Mortgage; Nonjoinder Of Spouse.
Section 507.04 — Conveyance Of Protected Person's Real Property.
Section 507.05 — Conveyance By Corporation; Resolution Appointing Attorney.
Section 507.06 — Quitclaim Deed Passes All Estate Of Grantor.
Section 507.061 — Words Of Inheritance Not Needed.
Section 507.07 — Warranty And Quitclaim Deeds; Forms.
Section 507.071 — Transfer On Death Deeds.
Section 507.09 — Forms Approved; Amendments.
Section 507.091 — Conveyance To Include Name And Address Of Drafter.
Section 507.092 — Conveyance To Include Name And Address Of Person To Receive Tax Statements.
Section 507.093 — Standards For Documents To Be Recorded Or Filed.
Section 507.0941 — Definitions.
Section 507.0942 — Uniformity Of Application And Construction.
Section 507.0943 — Validity And Time Of Recording Of Electronic Documents.
Section 507.0944 — Recording Of Documents.
Section 507.0945 — Administration.
Section 507.0947 — Relation To Electronic Signatures In Global And National Commerce Act.
Section 507.0948 — Donations; Reimbursement.
Section 507.10 — Certified Copies Of Forms To Be Preserved.
Section 507.13 — Standard Forms Established.
Section 507.14 — Minnesota Uniform Conveyancing Blanks.
Section 507.15 — Uniform Short Form Mortgage; Equivalent Language.
Section 507.16 — No Covenants Of Title Implied.
Section 507.161 — Conveyance By Disseisee.
Section 507.17 — Conveyance Includes Abutting Vacated Public Right-of-way.
Section 507.18 — Prohibited Restrictions.
Section 507.19 — Conveyance By Tenant For Life Or Years; No Forfeiture.
Section 507.20 — Grantor To Make Known Encumbrance.
Section 507.21 — Liability Of Grantor Who Covenants Against Encumbrances.
Section 507.23 — Incomplete Conveyance, How Proven.
Section 507.235 — Filing Contracts For Deed.
Section 507.236 — Transfer Statement For Contract For Deed.
Section 507.24 — Recordable, When.
Section 507.25 — Certified Copy Of Record May Be Recorded.
Section 507.251 — Constructive Notice, When Not Affected.
Section 507.27 — Copy Of Will And Order Admitting To Probate.
Section 507.28 — Deeds Of Pews.
Section 507.29 — Affidavits As Evidence.
Section 507.31 — Railroad Lands.
Section 507.32 — Record, When Notice To Parties; Assignment Of Mortgage.
Section 507.325 — Mortgage Securing Revolving Line Of Credit; Notice.
Section 507.328 — Mortgages And Deeds Of Trust Of Pipeline Companies; Filing And Recording.
Section 507.33 — Certain Recitals Not To Constitute Notice Of Mortgage.
Section 507.331 — Certain Recitals Disregarded.
Section 507.332 — Whether Recorded Recital Of Unrecorded Mortgage Is Notice.
Section 507.34 — Unrecorded Conveyances Void In Certain Cases.
Section 507.35 — When Deed To Trustee Ineffective; Cure.
Section 507.36 — Instruments Relating To Timber, Minerals.
Section 507.38 — When Deed Not Defeated By Defeasance.
Section 507.40 — Mortgages, How Discharged.
Section 507.401 — Title Insurance Company; Mortgage Release Certificate.
Section 507.402 — Discharge Of Mortgage From Contract For Deed Seller.
Section 507.403 — Certificate Of Satisfaction; Release Or Partial Release Of Mortgage By Assignee.
Section 507.41 — Penalty For Failure To Discharge.
Section 507.411 — Corporate Change Noted In Assignment, Satisfaction, Or Release.
Section 507.412 — Satisfaction Or Release By Fewer Than All Mortgagees.
Section 507.413 — Authority Of Mortgagee Designated As Nominee Or Agent.
Section 507.42 — Certain Deeds Validated.
Section 507.421 — Estates And Trusts; Conveyances, Satisfactions, Grants, And Releases.
Section 507.422 — Certain County Conveyances Validated.
Section 507.45 — Residential Real Estate Closings.
Section 507.46 — Certificate Of Translation Of Documents In Foreign Languages.
Section 507.47 — Creation Of Servitudes By Common Owner.
Section 507.48 — Bona Fide Purchasers Protected.
Section 507.49 — Certificate Of Custodianship.
Section 507.50 — Affidavit Of Custodian In Real Property Transactions.