Sec. 5. (a) A qualified affidavit must be signed under the penalties of perjury, and state the following:
(1) That the transferor has full right, title, and authority to transfer the property to the legacy trust.
(2) That the transfer of the property to the legacy trust will not render the transferor insolvent.
(3) That the transferor does not intend to defraud a creditor by transferring the property to the legacy trust.
(4) That there are no pending or threatened court actions against the transferor other than the court actions identified by the transferor and attached to the qualified affidavit.
(5) That the transferor is not involved in any administrative proceedings other than the administrative proceedings identified by the transferor and attached to the qualified affidavit.
(6) That the transferor does not contemplate filing for relief under the federal bankruptcy code.
(7) That the property transferred to the legacy trust is not derived from unlawful activities.
(b) Except as provided in subsection (c), a qualified affidavit must be signed by the transferor.
(c) In the case of a disposition by a transferor who is a trustee, the qualified affidavit must be signed by the transferor who made the original disposition to the trustee. A qualified affidavit signed under this subsection must state the facts as of the time of the original disposition.
(d) If a transferor is a married individual at the time a qualified affidavit is signed, the transferor shall provide a copy of the qualified affidavit to the transferor's spouse.
As added by P.L.221-2019, SEC.9.
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