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 […]
Section 700.7615 – Counterclaims of Trustee.
700.7615 Counterclaims of trustee. Sec. 7615. In allowing a claim, the trustee may deduct a counterclaim that the trustee has against the claimant. In determining a claim against a trust, the court shall reduce the amount allowed by the amount of a counterclaim and, if the total counterclaims exceed the claim, render a judgment against […]
Section 700.7701 – Acceptance or Rejection of Trusteeship.
700.7701 Acceptance or rejection of trusteeship. Sec. 7701. (1) Except as otherwise provided in subsection (3), a person designated as trustee accepts the trusteeship by doing either of the following: (a) Substantially complying with a method of acceptance provided in the terms of the trust. (b) If the terms of the trust do not provide […]
Section 700.7702 – Trustee’s Bond.
700.7702 Trustee’s bond. Sec. 7702. (1) A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the trust beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (2) […]
Section 700.7703 – Cotrustees; Powers and Duties; Relief of Liability.
700.7703 Cotrustees; powers and duties; relief of liability. Sec. 7703. (1) Except as otherwise provided in this section, cotrustees shall act by majority decision. (2) A cotrustee shall participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other […]