Conveyance in Trust Not Naming Beneficiary

Whenever a conveyance of real estate, or any interest therein, has been or hereafter is made to a person or persons in trust, or

(a)where such person is designated trustee or as trustee, or

(b)where such persons are designated trustees or as trustees, and regardless of whether a joint tenancy or right of survivorship as between such persons is expressed or not, then, if no beneficiary be indicated or named in said conveyance, it shall be presumed that the grantee or grantees, as the case may be, holds or hold, the title to the estate, or interest therein, absolutely in his or their own individual right and free from any trust, and a conveyance executed by such grantee or grantees, whether purporting to be the act of such grantee or grantees in his or their individual right, or in his or their capacity as trustee or trustees, shall prima COL120106 CH. 13 USES AND TRUSTS facie convey such title or interest to his or their grantee or grantees. As to such conveyance last mentioned, such presumption shall be and become conclusive as to such undisclosed beneficiary, and the original grantor or trustor and any one claiming under them in favor of a purchaser or encumbrancer in good faith and for a valuable consideration upon the filing of such conveyance last mentioned for record in the Department of Land Management; provided, however, that as to such conveyance so filed for record prior to the taking effect of this Code, such presumption shall not become conclusive except in favor of a purchaser or encumbrancer in good faith and for a valuable consideration until one year after the taking effect of this Code when it shall become conclusive without any qualification whatsoever and no action to avoid or impugn any such conveyance last mentioned shall be commenced after the time when such presumption becomes conclusive as hereinbefore provided: and provided further, that nothing herein contained shall be construed as depriving such original grantor or trustor or undisclosed beneficiary, or any one claiming under them, from commencing and maintaining actions other than actions affecting the land the subject of such conveyances.