For consistency on paper, in May 2018, the Registry of Securities introduced a new Trust Details Form (in a Form 20 – Schedule) that can be used as an alternative to filing the full trust indenture. The new form may be used when submitting a transfer of Form 1 in which an assignee is registered as trustee in point 5. Form 20 is a request to transport firearms from one state to another. This form is used for a permanent change of address or for weapons that are temporarily transferred to another State. In general, switching from one state to another does not require changes to the trusted document. However, weapons must be legal at their intended purpose. Note that Maine does not allow trusts incorporated in another state to purchase firearms. In the case of an incoming mortgagee, the details entered in the transfer identifying the assignee/new owner as trustee will be reviewed when the mortgage is created and will indicate the status of purchaser/mortgagee as “trustee”. From May 2018, transfers that register an assignee as trustee can be processed via eTransferancing.
To make this possible, a new practice has been introduced with respect to trust documentation – a certified copy of the trust deed is no longer required and only the details of the trust are required. For transactions in PESA, the details required for this form are entered by the incoming owner when the transfer is created, and the form appears as a second page when the rendered transfer is displayed. For details on mandatory fields, see Persons transferred as transfer trustees (QLDs).