Section 555.1005 – Applicability to Trust or Estate on Effective Date of Act.
555.1005 Applicability to trust or estate on effective date of act. Sec. 605. This act applies to each trust or decedent’s estate existing on the effective date of this act except as otherwise expressly provided in the will or terms of the trust or in this act. History: 2004, Act 159, Eff. Sept. 1, 2004
Section 555.1006 – Applicability of MCL 555.409 to Certain Trusts; Dates.
555.1006 Applicability of MCL 555.409 to certain trusts; dates. Sec. 606. Section 409 applies to a trust described in section 409(4) on and after the following dates: (a) If the trust is not funded as of the effective date of the amendatory act that added this section, the date of the decedent’s death. (b) If […]
Section 555.904 – Principal Disbursement; Transfer of Amount to Provide Reserve.
555.904 Principal disbursement; transfer of amount to provide reserve. Sec. 504. (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in 1 or more accounting periods to reimburse principal or to provide a reserve for future principal […]
Section 555.905 – Tax Payments.
555.905 Tax payments. Sec. 505. (1) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (2) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income […]
Section 555.906 – Income Beneficiaries and Remainder Benefits; Adjustments Between Principal and Income.
555.906 Income beneficiaries and remainder benefits; adjustments between principal and income. Sec. 506. (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from 1 or more of the following: (a) Elections and decisions, other than those […]
Section 555.1001 – Application and Construction of Act.
555.1001 Application and construction of act. Sec. 601. In applying and construing this act, consideration shall be given to the need to promote uniformity of the law with respect to the subject matter of this act among states that enact it. History: 2004, Act 159, Eff. Sept. 1, 2004
Section 555.1002 – Severability.
555.1002 Severability. Sec. 602. If any provision of this act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this act that can be given effect without the invalid provision or application, and to this end the provisions of this act are severable. […]
Section 555.1003 – Repeal of MCL 555.51 to 555.68.
555.1003 Repeal of MCL 555.51 to 555.68. Sec. 603. The revised uniform principal and income act, 1965 PA 340, MCL 555.51 to 555.68, is repealed. History: 2004, Act 159, Eff. Sept. 1, 2004
Section 555.1004 – Effective Date.
555.1004 Effective date. Sec. 604. This act takes effect September 1, 2004. History: 2004, Act 159, Eff. Sept. 1, 2004
Section 555.810 – Liquidating Asset; Allocation of Receipts.
555.810 Liquidating asset; allocation of receipts. Sec. 410. (1) As used in this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. Liquidating asset includes a leasehold, patent, copyright, royalty right, and right to receive payments during a […]