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 […]
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 555.17 – Express Trust; Disposal of Land in Event of Failure or Termination of Trust.
555.17 Express trust; disposal of land in event of failure or termination of trust. Sec. 17. The preceding section shall not prevent any person creating a trust, from declaring to whom the lands to which the trust relates shall belong, in the event of the failure or termination of the trust, nor shall it prevent […]
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, […]
Section 555.19 – Express Trust; Assignability of Interest of Beneficiary.
555.19 Express trust; assignability of interest of beneficiary. Sec. 19. No person beneficially interested in a trust for the receipt of the rents and profits of lands, can assign or in any manner dispose of such interest; but the rights and interest of every person for whose benefit a trust for the payment of a […]
Section 555.20 – Express Trust; Omission From Conveyance; Validity as to Subsequent Creditor and Bona Fide Purchaser From Trustee.
555.20 Express trust; omission from conveyance; validity as to subsequent creditor and bona fide purchaser from trustee. Sec. 20. When an express trust is created, but is not contained or declared in the conveyance to the trustees, such conveyance shall be deemed absolute as against the subsequent creditors of the trustees, not having notice of […]
Section 555.21 – Express Trust; Mention in Instrument; Invalidity of Certain Acts of Trustee.
555.21 Express trust; mention in instrument; invalidity of certain acts of trustee. Sec. 21. When the trust shall be expressed in the instrument creating the estate, every sale, conveyance, or other acts of the trustees, in contravention of the trust, shall be absolutely void. History: R.S. 1846, Ch. 63 ;– CL 1857, 2651 ;– CL […]
Section 555.22 – Authorized Payment to Trustee; Protection of Payor.
555.22 Authorized payment to trustee; protection of payor. Sec. 22. No person who shall actually and in good faith make any payment to a trustee, which the trustee as such is authorized to receive, shall be responsible for the application thereof according to the trust; nor shall any right or title derived by such person […]
Section 555.23 – Express Trust; Termination of Estate of Trustee.
555.23 Express trust; termination of estate of trustee. Sec. 23. When the purposes for which an express trust shall have been created, shall have ceased, the estate of the trustee shall also cease. History: R.S. 1846, Ch. 63 ;– CL 1857, 2653 ;– CL 1871, 4136 ;– How. 5585 ;– CL 1897, 8851 ;– CL […]
Section 555.24 – Express Trust; Death of All Trustees; Execution of Trust.
555.24 Express trust; death of all trustees; execution of trust. Sec. 24. Upon the death of the surviving trustee of an express trust, the trust estate shall not descend to his heirs, nor pass to his personal representatives; but the trust if then unexecuted, shall vest in the court of chancery, with all the powers […]