76-267.

Trust deeds executed prior to 1917; failure to record; presumption of authority of trustee to convey; filing of notice by beneficiary; effect.

Where any such conveyance or lien shall have been made prior to July 24, 1917, to any person or corporation as trustee and such trustee has not conveyed, assigned or released it before said date, and no declaration of the terms of the trust has been executed and recorded in the office of the register of deeds of the county in which such real estate is located, it shall be presumed that such person or corporation, as trustee, had power and authority to convey such right or interest in said real estate or to assign or release such lien thereon, and a purchaser in good faith from such trustee shall not be bound to inquire or ascertain the terms of the trust unless the person claiming a beneficial interest therein shall, within two years after July 24, 1917, have filed in the office of the register of deeds of the county where such real estate is located, a notice verified by his affidavit describing the real estate in which he claims an interest and stating what right or interest therein he claims, and his place of residence.