The appearance of the words "trustee" or "as trustee" or "agent" following the name of the mortgagee in any mortgage on real estate or personal property heretofore or hereafter executed, without other language showing a trust, shall not be deemed to give notice to or put on inquiry any person dealing with said property or mortgage that a trust exists, or that there are other beneficiaries of said mortgage except the mortgagee named therein, and such mortgage shall vest full rights and ownership to such mortgage and lien created thereby in such mortgagee, and an assignment or release of said mortgage by such mortgagee, whether followed by the words "trustee" or "as trustee" or "agent" or not, shall vest full and complete title and ownership in said mortgage in the assignee, or shall constitute a full and complete release of said mortgage, free from any claims of all persons or corporations. This act shall not apply to any suits now pending.
Laws 1953, p. 65, § 2.
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