§558-4  Creation of trust, powers of
trustee.  Any recorded instrument transferring any interest in real
property in this State, including but not limited to, leasehold and mortgagee's
interests, to any person, corporation, bank, or trust company, qualified to act
as a trustee in this State, whether or not reference is made in such recorded
instrument to any separate unrecorded collateral declarations or agreements,
shall be effective to vest in the trustee legal and equitable title over the
real property or interest therein, with full power and authority as granted and
provided in the recorded instrument to deal in and with the property or
interest therein or any part thereof.  Any trust authorized pursuant to this
chapter shall be valid notwithstanding the fact that the recorded instrument
fails to state the duties imposed upon the trustee. [L 1978, c 151, pt of §1;
am L 1982, c 127, §1]