Section 700.7912 – Protection of Person Dealing With Trustee.
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 […]
Section 700.7820a – Irrevocable Trust Including Discretionary Trust Provision; Distribution; Definitions.
700.7820a Irrevocable trust including discretionary trust provision; distribution; definitions. Sec. 7820a. (1) If an irrevocable trust includes a discretionary trust provision, the trustee of the trust may, unless the terms of the first trust expressly provide otherwise, distribute by written instrument all or part of the property subject to that provision to the trustee of […]
Section 700.7821 – Distribution Upon Termination.
700.7821 Distribution upon termination. Sec. 7821. (1) Upon termination or partial termination of a trust, the trustee may send to the trust beneficiaries a proposal for distribution. The right of any trust beneficiary to object to the proposed distribution terminates if the trust beneficiary does not notify the trustee of an objection within 28 days […]
Section 700.7901 – Remedies for Breach of Trust.
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 […]
Section 700.7902 – Breach of Trust; Liability; Damages.
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 […]
Section 700.7903 – Damages in Absence of Breach.
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 […]
Section 700.7904 – Attorney Fees and Costs; Receipt of Expenses and Disbursements; Reduction or Denial of Claim With Respect to Breach of Trust.
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, […]
Section 700.7905 – Commencement of Proceedings; Limitations.
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 […]
Section 700.7906 – Reliance on Trust Instrument.
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, […]
Section 700.7907 – Event Affecting Administration or Distribution.
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 […]