700.7901 Remedies for breach of trust. Sec. 7901. (1) A violation by a trustee of a duty the trustee owes to a trust beneficiary is a breach of trust. (2) To remedy a breach of trust that has occurred or may occur, the court may do any of the following: (a) Compel the trustee to […]
700.7902 Breach of trust; liability; damages. Sec. 7902. A trustee who commits a breach of trust is liable to the trust beneficiaries affected for whichever of the following is larger: (a) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not […]
700.7903 Damages in absence of breach. Sec. 7903. (1) A trustee is accountable to an affected trust beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. (2) Absent a breach of trust, a trustee is not liable to a trust beneficiary for a […]
700.7904 Attorney fees and costs; receipt of expenses and disbursements; reduction or denial of claim with respect to breach of trust. Sec. 7904. (1) In a proceeding involving the administration of a trust, the court, as justice and equity require, may award costs and expenses, including reasonable attorney fees, to any party who enhances, preserves, […]
700.7905 Commencement of proceedings; limitations. Sec. 7905. (1) The following limitations on commencing proceedings apply in addition to other limitations provided by law: (a) A trust beneficiary shall not commence a proceeding against a trustee for breach of trust more than 1 year after the date the trust beneficiary or a representative of the trust […]
700.7906 Reliance on trust instrument. Sec. 7906. A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a trust beneficiary for a breach of trust to the extent the breach resulted from the reliance. History: Add. 2009, Act 46, Eff. Apr. 1, […]
700.7907 Event affecting administration or distribution. Sec. 7907. If the happening of an event, including, but not limited to, marriage, divorce, performance of educational requirements, attainment of a specific age, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is […]
700.7908 Exculpation of trustee. Sec. 7908. (1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that either of the following applies: (a) The term relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes […]
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: […]
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 […]
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 […]
700.7912 Protection of person dealing with trustee. Sec. 7912. (1) A person other than a trust beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee’s powers is protected from liability as if […]
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 […]
