Section 700.7706 – Removal of Trustee.
700.7706 Removal of trustee. Sec. 7706. (1) The settlor, a cotrustee, or a qualified trust beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (2) The court may remove a trustee if 1 or more of the following occur: (a) The trustee […]
Section 700.7707 – Delivery of Property by Former Trustee.
700.7707 Delivery of property by former trustee. Sec. 7707. (1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers […]
Section 700.7708 – Compensation of Trustee.
700.7708 Compensation of trustee. Sec. 7708. (1) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (2) If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the court may […]
Section 700.7709 – Reimbursement of Expenses; Advance of Money as Lien; Advances and Reimbursement Not as Self-Dealing or Breach of Fiduciary Duty.
700.7709 Reimbursement of expenses; advance of money as lien; advances and reimbursement not as self-dealing or breach of fiduciary duty. Sec. 7709. (1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for both of the following: (a) Expenses that were properly incurred in the administration of the […]
Section 700.7705 – Resignation of Trustee; Circumstances; Issuance of Orders and Conditions; Liability.
700.7705 Resignation of trustee; circumstances; issuance of orders and conditions; liability. Sec. 7705. (1) A trustee may resign in either of the following circumstances: (a) Upon at least 28 days’ notice to the qualified trust beneficiaries, the holders of powers of appointment, and all cotrustees. (b) With the approval of the court. (2) In approving […]
Section 700.7701 – Acceptance or Rejection of Trusteeship.
700.7701 Acceptance or rejection of trusteeship. Sec. 7701. (1) Except as otherwise provided in subsection (3), a person designated as trustee accepts the trusteeship by doing either of the following: (a) Substantially complying with a method of acceptance provided in the terms of the trust. (b) If the terms of the trust do not provide […]
Section 700.7702 – Trustee’s Bond.
700.7702 Trustee’s bond. Sec. 7702. (1) A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the trust beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (2) […]
Section 700.7703 – Cotrustees; Powers and Duties; Relief of Liability.
700.7703 Cotrustees; powers and duties; relief of liability. Sec. 7703. (1) Except as otherwise provided in this section, cotrustees shall act by majority decision. (2) A cotrustee shall participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other […]
Section 700.7703a – Rules of Construction; Nonfiduciary Powers Under a Trust; Power of Direction to Trust Director; Duties and Limitations of Trust Director and Trustee; Liability; Applicability of Rules to Trusteeship; Definitions.
700.7703a Rules of construction; nonfiduciary powers under a trust; power of direction to trust director; duties and limitations of trust director and trustee; liability; applicability of rules to trusteeship; definitions. Sec. 7703a. (1) Excepting the rules of construction in subsection (2), this section does not apply to: (a) A power of appointment that is intended […]
Section 700.7703b – Separate Trustees Provision; Trust Instrument; Duties and Powers; Liability; Definitions.
700.7703b Separate trustees provision; trust instrument; duties and powers; liability; definitions. Sec. 7703b. (1) A trust instrument may include a separate trustees provision. (2) While a separate trustees provision applies, the whole trusteeship of the aggregate trust is divided, under the terms of the separate trustees provision, into discrete sets of separately accepted fiduciary responsibilities, […]