Section 91-9-705 - Qualified affidavit; contentsA qualified affidavit shall state that:
(a) The transferor has full right, title, and authority to transfer the assets to the trust;(b) The transfer of the assets to the trust will not render the transferor insolvent;(c) The transferor does not intend to defraud a creditor by transferring the assets to the trust;(d) The transferor does not have any pending or threatened court actions against the transferor, except for those court actions identified by the transferor on an attachment to the affidavit;(e) The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;(f) The transferor does not contemplate filing for relief under the provisions of the federal bankruptcy code;(g) The assets being transferred to the trust were not derived from unlawful activities; and(h) The transferor is a named insured of a general liability insurance policy and, if applicable, a professional liability insurance policy, with policy limits of at least One Million Dollars ($1,000,000.00) for each respective policy.Added by Laws, 2014, ch. 513, HB 846, 3, eff. 7/1/2014.