Section 700.7802 – Duty of Loyalty.
700.7802 Duty of loyalty. Sec. 7802. (1) A trustee shall administer the trust solely in the interests of the trust beneficiaries. (2) Subject to the rights of persons dealing with or assisting the trustee as provided in section 7912, a sale, encumbrance, or other transaction involving the investment or management of trust property entered into […]
Section 700.7803 – Impartiality; Use of Standards of Michigan Prudent Investor Rule.
700.7803 Impartiality; use of standards of Michigan prudent investor rule. Sec. 7803. The trustee shall act as would a prudent person in dealing with the property of another, including following the standards of the Michigan prudent investor rule. If the trustee has special skills or is named trustee on the basis of representation of special […]
Section 700.7808 – Settlor’s Power to Direct Contrary to Trust Terms.
700.7808 Settlor’s power to direct contrary to trust terms. Sec. 7808. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
Section 700.7809 – Repealed. 2018, Act 664, Eff. Mar. 29, 2019.
700.7809 Repealed. 2018, Act 664, Eff. Mar. 29, 2019. Compiler’s Notes: The repealed section pertained to the exercise of powers by a trust protector.Popular Name: EPIC
Section 700.7810 – Control and Protection of Trust Property.
700.7810 Control and protection of trust property. Sec. 7810. A trustee shall take reasonable steps to take control of and protect the trust property. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
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, […]
Section 700.7704 – Vacancy in Trusteeship; Manner of Filling; Priority; Appointment by Court of Additional Trustee or Fiduciary; Definitions.
700.7704 Vacancy in trusteeship; manner of filling; priority; appointment by court of additional trustee or fiduciary; definitions. Sec. 7704. (1) A vacancy in a trusteeship occurs if 1 or more of the following occur: (a) A person designated as trustee rejects the trusteeship. (b) A person designated as trustee cannot be identified or does not […]
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 700.7613 – Secured Claims; Payment; Basis.
700.7613 Secured claims; payment; basis. Sec. 7613. Payment of a secured claim shall be upon the basis of the amount allowed if the creditor surrenders the security. Otherwise, payment shall be upon the basis of 1 of the following: (a) If the creditor exhausts the security before receiving payment, upon the claim amount allowed less […]
Section 700.7614 – Claims Due at Future Time, Contingent Claim, or Unliquidated Claim.
700.7614 Claims due at future time, contingent claim, or unliquidated claim. Sec. 7614. A claim that will become due at a future time, a contingent claim, or an unliquidated claim is governed by the following: (a) If a claim becomes due or certain before the distribution of the trust, and if the claim is allowed […]