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Posted: 9/6/2010 12:42:13 PM EDT
I'm getting ready to send in a trust for a Form 1 SBR, and have several questions. I was told to send in the entire trust, including assignment of property, 2 filled out, original form 1s, and certificate of compliance, along with $200. My question is, I've seen conflicting reports on whether or not to include the receiver in the Schedule A section of the trust. Do most just leave it blank, as it is not yet a NFA weapon until the ATF approves it? Second, if you do include the assignment of property, do you simply leave that section blank as well due to the last?

Thanks,
Zach
Link Posted: 9/6/2010 12:58:55 PM EDT
The lower might not be an NFA item yet, but it is owned by the trust and should be on your "schedule A" or whatever you call your list of items owned by the trust. We have had discussions here that went both ways, but no one said they got delayed for listing the lower, only ones delays were those that did NOT. I think it was Tony K that said, "no one ever got denied for sending too much information." You already gave Martinsburg your address and the serial number of the lower. What can it hurt to put it in your schedule A? Just Sayin!
Link Posted: 9/6/2010 1:02:51 PM EDT
TitleII, that makes perfect sense, I guess the only way it shouldn't be listed is if it's for an item such as a Form 1 suppressor. Thanks!

Zach
Link Posted: 9/6/2010 2:48:21 PM EDT
In Texas a trust must have an asset in it to be a valid trust. If you aren't going to go ahead and put the receiver in it, I would recommend putting one dollar in it just so your trust is valid. Just put "One Dollar Federal Reserve note, serial number 12345678" on your schedule A.
Link Posted: 9/6/2010 5:27:47 PM EDT
Originally Posted By bigcbass:
In Texas a trust must have an asset in it to be a valid trust. If you aren't going to go ahead and put the receiver in it, I would recommend putting one dollar in it just so your trust is valid. Just put "One Dollar Federal Reserve note, serial number 12345678" on your schedule A.


Yea my understanding is that a lot of states have this requirement for the trust to be valid. As you are converting an existing firearm to a sbr I'd have the firearm in the schedule A showing that the trust now owns it. Per the lawyer that drafted my trust it had 10 bucks put into it to make it valid. We threw the ar in it when I went to pick it up(yes the 10 bucks is with the trust paperwork).
Link Posted: 9/7/2010 5:21:56 PM EDT
All trusts need property or they are not valid. However, some could argue that equitable title has passed despite legal title not passing to the trust UNTIL the BATFE sign off. Of course, if they disapprove, then has equitable title passed? Might as well assign some property to the trust prior to the approval.

In your case, you can pass the title of the receiver / AR to the trust, and it just becomes an approved SBR upon approval (approved for sbr).

You do not need a cert of compliance with Trust as indicated in the ATF handbook. http://www.atf.gov/publications/firearms/nfa-handbook/

However, you may include it, and most people do.
Link Posted: 9/8/2010 12:29:22 PM EDT
Originally Posted By Zach540:
TitleII, that makes perfect sense, I guess the only way it shouldn't be listed is if it's for an item such as a Form 1 suppressor. Thanks!

Zach


I always list all the NFA items on Schedule A, as well as send 2 copies of the Trust. They can shred it it easier than I can send another copy.

No issues so far.
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