House Bill No. 5558
Public Act No. 04-114
AN ACT CONCERNING THE CONVEYANCE OF INTERESTS IN REAL PROPERTY TO LAND TRUSTS AND OTHER NONPROFIT LAND-HOLDING ORGANIZATIONS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2004) (a) As used in this section:
(1) "Nonprofit land-holding organization" means a nonprofit corporation incorporated pursuant to chapter 602 of the general statutes, or any predecessor statute thereto, having as one of its principal purposes the conservation and preservation of land, including, but not limited to, a land trust; and
(2) "Conservation restriction" has the same meaning as provided in section 47-42a of the general statutes.
(b) Any deed or other instrument of conveyance by which an interest in real property, including, but not limited to, a conservation restriction or easement, is conveyed to a nonprofit land-holding organization on or after the effective date of this section shall, in addition to other requirements of law, be signed by a duly authorized officer of such nonprofit land-holding organization to indicate acceptance of such interest by the nonprofit land-holding organization.
(c) Any person who conveys any interest in real property to a nonprofit land-holding organization on or after the effective date of this section by a deed or other instrument of conveyance that is not signed by a duly authorized officer of such nonprofit land-holding organization as required under subsection (b) of this section shall be liable for a civil penalty in the amount of five hundred dollars. Any such conveyance shall be deemed an unfair or deceptive trade practice under subsection (a) of section 42-110b of the general statutes.
Approved May 21, 2004