Mississippi § 91-9-705 - Qualified affidavit; contents.

§ 91-9-705. Qualified affidavit; contents.

A qualified affidavit shall state that: The transferor has full right, title, and authority to transfer the assets to the trust; The transfer of the assets to the trust will not render the transferor insolvent; The transferor does not intend to defraud a creditor by transferring the assets to the trust; 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; The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit; The transferor does not contemplate filing for relief under the provisions of the federal bankruptcy code; The assets being transferred to the trust were not derived from unlawful activities; and 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.