Trust agreement v4.4

Version 4.4 of the Fabrica Trust agreement is a major expansion of the instrument. For the first time it states what the token holder's interest is as a matter of property law, and it builds the transfer, lending, succession, and refusal rules on that foundation. The full text and change history are open source in the fabrica-connectors repository. Existing properties remain governed by the trust version their token referenced at creation.

Your ownership now has a stated legal character. The agreement declares that the entire beneficial interest in the trust is personal property, in the American land-trust tradition, and that the token is its authoritative record and instrument of transfer. Ownership passes by assignment when the token moves, without a deed, while the land itself stays real property governed only by the real-property law of its state. This gives owners, lenders, courts, and title professionals a settled answer to the foundational question of what a property token conveys, and it means borrowing against a property is personal-property secured lending under UCC Article 9, never a mortgage on the land.
You can now buy a property whose owner has a loan on it, without the loan being paid off first. Ownership can change hands while the token stays inside a lending pool, escrow, or similar facility, but only through a "Qualified Designation" backed by the buyer's own recorded assent, such as a checkout confirmation. Nobody can make you the owner of record, with the taxes and debts that come with it, just by naming you; a bare designation by anyone else transfers nothing.
Heirs can keep operating immediately. When an owner dies, the beneficial interest passes as personal property under the law governing the estate, and whoever lawfully succeeds to control of the wallet (the "Key Successor") can keep using, selling, or borrowing against the property right away, without a court order as a condition of continuity. Lawful succession is required: finding someone's keys, or taking them, makes no one a successor. See Death & Estate Planning.
A token you never asked for cannot trap you. If someone sends a property token to your account without your agreement, you presumptively own it from receipt and can use every ownership right at once, but you can refuse the entire interest by sending the token back or burning it. A valid refusal is treated as if you had never owned it, to the maximum extent the law allows, so an unwanted property cannot saddle you with its taxes and liabilities. If a recipient burns the token, the original owner can restore control of the property through the same recorded, contestable notice procedure used for lost keys.
Your trust cannot be used as a dumping ground. What the trust holds is fixed at creation: the described property, its legal appurtenances, and its proceeds, and nothing else. The trustee must refuse any standalone addition, so a stranger cannot deed an unwanted, liability-laden asset into your trust.
Lenders and buyers get a fuller commercial-law framework. The beneficial interest is classified as a "general intangible" under UCC Article 9; the take-free protection for good-faith purchasers and secured parties is set out explicitly, in layers; a technology-neutral custodial-holding rule supports institutional custody without affecting the token's Article 12 status; California is expressly designated as the token's UCC jurisdiction; a two-lane priority framework states how token-side interests and recorded land-side interests relate; and the token remains fully operative even in a state that has not enacted Article 12. See UCC Article 12 and Lender Protections.
The trust is hardened against state-law attacks, and easier to read. The trustee's active duties are stated expressly to defend against passive-trust and merger doctrines (including the Texas statutes), a perpetuities savings clause is added, an express rent-free occupancy right supports homestead-through-trust statutes and the Garn-St Germain protection for transfers into a living trust where those laws apply by their terms, and a plain-language summary now precedes the operative text so a first-time reader can understand how the trust works before reaching the legal detail.