Section 700.8206 – Application to Existing Relationships.
700.8206 Application to existing relationships. Sec. 8206. (1) Except as otherwise provided in article VII, all of the following apply on the effective date of the amendatory act that added this section: (a) The amendments and additions to article VII enacted by the amendatory act that added this section apply to all trusts created before, […]
Section 700.7913 – Certificate of Trust.
700.7913 Certificate of trust. Sec. 7913. (1) Instead of furnishing a copy of the trust instrument to a person other than a trust beneficiary, the trustee may furnish to the person a certificate of trust that must include all of the following information: (a) The name of the trust, the date of the trust, and […]
Section 700.8101 – Effective Date; Applicable Provisions.
700.8101 Effective date; applicable provisions. Sec. 8101. (1) This act takes effect April 1, 2000. (2) Except as provided elsewhere in this act, on this act’s effective date, all of the following apply: (a) The act applies to a governing instrument executed by a decedent dying after that date. (b) The act applies to a […]
Section 700.8102 – Repeal of Certain Acts.
700.8102 Repeal of certain acts. Sec. 8102. The following acts and parts of acts are repealed: (a) Disclaimer of property interests act, 1996 PA 131, MCL 554.871 to 554.890. (b) Uniform testamentary additions to trusts act, 1962 PA 83, MCL 555.461 to 555.464. (c) Revised probate code, 1978 PA 642, MCL 700.1 to 700.993. (d) […]
Section 700.8201 – Construction of Article Vii.
700.8201 Construction of article VII. Sec. 8201. (1) Article VII shall be construed and applied to promote its underlying purposes and policies. (2) The following are the underlying purposes and policies of article VII: (a) To make more comprehensive and to clarify the law governing trusts in this state. (b) To permit the continued expansion […]
Section 700.8202 – Electronic Records and Signatures.
700.8202 Electronic records and signatures. Sec. 8202. The provisions of article VII governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of electronic records or signatures, conform to the requirements of section 102 of the electronic signatures in global and national commerce […]
Section 700.8204 – Effective Date.
700.8204 Effective date. Sec. 8204. The amendments and additions to article VII enacted by the amendatory act that added this section take effect on April 1, 2010. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
Section 700.7909 – Beneficiary’s Consent, Release, or Ratification of Transaction.
700.7909 Beneficiary’s consent, release, or ratification of transaction. Sec. 7909. A trustee is not liable to a trust beneficiary for breach of trust if the trust beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless either of the following applies: […]
Section 700.7910 – Personal Liability of Trustee; Limitation.
700.7910 Personal liability of trustee; limitation. Sec. 7910. (1) Unless otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee’s fiduciary capacity in the course of administration of the trust estate unless the trustee fails to reveal the trustee’s representative capacity. (2) A trustee is […]
Section 700.7911 – Interest as General Partner.
700.7911 Interest as general partner. Sec. 7911. (1) Except as otherwise provided in subsection (3), a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust’s acquisition of the interest if the fiduciary capacity was […]