The word “trustee” or the words “as trustee” or words of similar meaning, following the name of the grantee of real estate or any interest therein conveyed, transferred or assigned by an instrument duly executed and recorded, wherein the instrument fails to set forth the terms of the trust, or to specify a recorded instrument which sets forth its terms and the place in the public records where the instrument is recorded, shall not affect the right of such grantee to sell or otherwise dispose of the real estate or interest therein in the same manner as if the word “trustee” or the words “as trustee” had not been used in the instrument, and any person to whom the real estate or interest therein has been transferred by the grantee shall not be liable for the claim of any undisclosed beneficiary or for the application of any money which may have been paid by the person therefor.
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