Section 700.7817 – Specific Powers of Trustee.
700.7817 Specific powers of trustee. Sec. 7817. Without limiting the authority conferred by section 7816, a trustee has all of the following powers: (a) To take possession, custody, or control of property transferred to the trust and accept or reject additions to the trust. (b) To retain property that the trustee receives, including property in […]
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 700.7801 – Administration of Trust; Duties of Trustee.
700.7801 Administration of trust; duties of trustee. Sec. 7801. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, expeditiously, in accordance with its terms and purposes, for the benefit of the trust beneficiaries, and in accordance with this article. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: […]
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