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 700.7903 – 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 […]
Section 700.7908 – Exculpation of Trustee.
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 […]
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 […]