Kansas Statutes 58a-1107. Transfer by warranty deed of real property into inter vivos trust; effect of insurance coverage
Terms Used In Kansas Statutes 58a-1107
- 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
- Inter vivos: Transfer of property from one living person to another living person.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
(a) The transfer by warranty deed of real property into an inter vivos trust shall not affect the coverage of any title insurance if the settlor of such trust is and remains a beneficiary of such trust during the settlor’s lifetime.
(b) Upon the transfer taking effect: (1) The trustee shall be deemed to be insured; and
(2) the insurance coverage for such trust shall be subject to the defenses which the insurance company has under the policy against the original named insured.
(c) If the settlor is a beneficiary of such trust at the time of the transfer, the transfer of such property into such trust shall not: (1) Affect any homestead exemption or redemption rights; or
(2) cause a due on sale or similar clause to be effective under a mortgage or security interest.
(d) This section shall be a part of and supplemental to the Kansas uniform trust code.