Repealed – Act 340 of 1965 – The Revised Uniform Principal and Income Act (555.51 – 555.68)
THE REVISED UNIFORM PRINCIPAL AND INCOME ACTAct 340 of 1965555.51-555.68 Repealed. 2004, Act 159, Eff. Sept. 1, 2004.
Section 555.27 – Express Trust; Appointment of New Trustee.
555.27 Express trust; appointment of new trustee. Sec. 27. The chancellor shall have full power to appoint a new trustee, in the place of a trustee resigned or removed; and when, in consequence of such resignation or removal, there shall be no acting trustee, the court, in its discretion, may appoint new trustees, or cause […]
Repealed – Act 185 of 1966 – Irrevocable Inter Vivos Trust Instruments (555.81 – 555.84)
IRREVOCABLE INTER VIVOS TRUST INSTRUMENTSAct 185 of 1966555.81-555.84 Repealed. 2000, Act 54, Eff. Apr. 1, 2000.
Section 555.28 – Conflicting Provisions.
555.28 Conflicting provisions. Sec. 28. If a provision of this chapter conflicts with a provision of article VII of the estates and protected individuals code, 1998 PA 386, MCL 700.7101 to 700.7913, article VII of the estates and protected individuals code, 1998 PA 386, MCL 700.7101 to 700.7913, prevails. History: Add. 2009, Act 43, Eff. […]
Section 555.101 – Short Title; Definitions.
555.101 Short title; definitions. Sec. 1. (1) This act shall be known and may be cited as the “collective investment funds act”. (2) As used in this act: (a) “Collective investment fund” means a fund maintained by a financial institution or by 1 or more affiliated financial institutions that consists solely of assets of retirement, […]
Section 555.102 – Funds; Financial Institution May Establish, Maintain, and Administer.
555.102 Funds; financial institution may establish, maintain, and administer. Sec. 2. A financial institution may establish, maintain, and administer 1 or more funds. History: 1941, Act 174, Eff. Jan. 10, 1942 ;– CL 1948, 555.102 ;– Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
Section 555.103 – Funds; Financial Institution May Invest as Fiduciary.
555.103 Funds; financial institution may invest as fiduciary. Sec. 3. A financial institution in its capacity as a fiduciary or cofiduciary may invest funds that it lawfully holds for investment in that capacity in interests or participations in 1 or more common trust funds, if the investment is not prohibited by the instrument, judgment, decree, […]
Section 555.104 – Funds; Establishment and Maintenance of Plan; Provisions; Availability for Inspection.
555.104 Funds; establishment and maintenance of plan; provisions; availability for inspection. Sec. 4. (1) A financial institution shall establish and maintain a fund in accordance with a written plan approved by resolution of the board of directors of the financial institution or by a committee authorized by the board. The plan shall contain full and […]
Section 555.104a – Audit; Financial Report; Contents; Items to Be Excluded From Report; Availability; Advertising Common Trust Fund.
555.104a Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund. Sec. 4a. (1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution. (2) At […]
Section 555.18 – Express Trust; Undisposed Estate or Interest.
555.18 Express trust; undisposed estate or interest. Sec. 18. When an express trust is created, every estate and interest not embraced in the trust, and not otherwise disposed of, shall remain in, or revert to the person creating the trust, or his heirs as a legal estate. History: R.S. 1846, Ch. 63 ;– CL 1857, […]