for value - Notice of restrictions - Intent of Legislature. (a) Where an express trust is created in relation to real property; any grant, deed, conveyance, lease, easement, encumbrance, assignment, or release by the trustee with respect to such real property or interest therein shall be deemed authorized and binding upon the trust in favor of purchasers or encumbrances for value without either (i) actual notice of restrictions or limitations established by the trust upon the trustee, or (ii) the constructive notice as provided in subsection (b) hereof. (b) If the instrument establishing the trust is recorded in the county where the real property is located, said purchasers or encumbrances for value shall be charged with constructive notice of the restrictions and limitations contained in such instrument. (c) It is the intent of the Legislature that trusts are private instruments and it shall not be necessary to record the instrument establishing a trust unless the trustor desires to put the public on notice of restrictions or limitations upon the powers of the trustee, in which case the same must be recorded.
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