141.750. Land trust, seal, powers, conveyances (charter counties). - Missouri Statutes

Land trust, seal, powers, conveyances (charter counties).

141.750. 1. Such land trust shall be a continuing body and shallhave and adopt an official seal which shall bear on its face the words"Land Trust of ......... County, Missouri", "Seal", and shall have thepower to sue and issue deeds in its name, which deed shall be signed by thechairman or vice chairman, and attested by the secretary or assistantsecretary and the official seal of the land trust affixed thereon, andshall have the general power to administer its business as any othercorporate body.

2. The land trust may convey title to any real estate sold orconveyed by it by general or special warranty deed, and may convey anabsolute title in fee simple, without in any case procuring any consent,conveyance or other instrument from the beneficiaries for which it acts;provided, however, that each such deed shall recite whether the sellingprice represents a consideration equal to or in excess of two-thirds of theappraised value of such real estate so sold or conveyed, and if suchselling price represents a consideration less than two-thirds of theappraised value of said real estate, then the land trustees shall firstprocure the consent thereto of not less than two of the three appointingauthorities, which consent shall be evidenced by a copy of the action ofeach such appointing authority duly certified to by its clerk or secretaryattached to and made a part of said deed, except the land trust may sell orconvey a vacant residential tract of land containing four thousand squarefeet or less with an assessed value of less than two hundred fifty dollarsto the owner or owners of residential property contiguous to the tractbeing sold for a price equal to fifty percent of the assessed value of thetract without first obtaining an appraisal of the tract.

(L. 1943 p. 1029 § 40, A.L. 2002 H.B. 1634)