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2011 SESSION

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SB 873 Subdivision of lot; localities to provide for conveyance to family member if land is held in trust.

Introduced by: Richard H. Stuart | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Subdivision of a lot held in trust for conveyance to a family member.  Authorizes localities to provide for subdivision of a lot for conveyance to a family member if the land is held in trust. All trust beneficiaries must be immediate family members and must agree that the property should be subdivided. Additionally, all beneficiaries must agree to place a restrictive covenant on the subdivided property that would prohibit the transfer of the property to a nonmember of the immediate family for a period of 15 years. A locality may provide exceptions to this 15-year time period but must execute a writing reflecting such modification.


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