Michigan Compiled Laws
Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)
Article VII - Michigan Trust Code (700.7101...700.7913)

Section 700.7105 - Duties and Powers of Trustee; Provisions of Law Prevailing Over Terms of Trust. - Sec. 7105. (1) Except as otherwise provided in the terms...

Section 700.7107 - Governing Law. - Sec. 7107. The meaning and effect of the terms of...

Section 700.7108 - Principal Place of Administration. - Sec. 7108. (1) Without precluding other means for establishing a...

Section 700.7109 - Notice; Methods; Waiver. - Sec. 7109. (1) Notice to a person under this article...

Section 700.7110 - Others Treated as Qualified Beneficiaries. - Sec. 7110. (1) A charitable organization expressly named in the...

Section 700.7111 - Nonjudicial Settlement Agreement. - Sec. 7111. (1) Except as otherwise provided in subsection (2),...

Section 700.7112 - Rules of Construction. - Sec. 7112. The rules of construction in sections 2605 to...

Section 700.7113 - Penalty Clause for Contest of Trust. - Sec. 7113. A provision in a trust that purports to...

Section 700.7114 - Trustee Having Insurable Interest Under Life Insurance Policy; Conditions. - Sec. 7114. A trustee of a trust has an insurable...

386-1998-VII-2 - Part 2 Judicial Proceedings (700.7201...700.7211)

Section 700.7201 - Role of Court in Administration of Trust. - Sec. 7201. (1) A court of this state may intervene...

Section 700.7202 - Jurisdiction Over Trustee and Beneficiaries. - Sec. 7202. (1) By registering a trust or accepting the...

Section 700.7203 - Subject Matter Jurisdiction. - Sec. 7203. (1) The court has exclusive jurisdiction of proceedings...

Section 700.7204 - Venue. - Sec. 7204. (1) Except as otherwise provided in subsection (2),...

Section 700.7205 - Trust Proceedings; Dismissal of Matters Relating to Foreign Trusts. - Sec. 7205. (1) If a party objects, the court shall...

Section 700.7206 - Court; Concurrent Jurisdiction of Litigation Involving Trusts and Third Parties. - Sec. 7206. The court where a trust is registered has...

Section 700.7207 - Proceedings; Review of Employment of Agents and Compensation of Trustee and Employees of Trustee. - Sec. 7207. On petition of an interested person, after notice...

Section 700.7208 - Trust Proceedings; Initiation by Notice; Interested Persons. - Sec. 7208. A proceeding under section 7203 is initiated by...

Section 700.7209 - Registration of Trust. - Sec. 7209. (1) The trustee of a trust that has...

Section 700.7210 - Registration Procedures. - Sec. 7210. (1) A trust is registered by the filing...

Section 700.7211 - Registration; Qualification of Foreign Trustee. - Sec. 7211. A foreign corporate trustee is required to qualify...

386-1998-VII-3 - Part 3 Representation (700.7301...700.7308)

Section 700.7301 - Representation; Effect. - Sec. 7301. (1) Notice to a person who may represent...

Section 700.7302 - Representation; Holder of Power of Revocation or Amendment or Power of Appointment. - Sec. 7302. The holder of a power of revocation or...

Section 700.7303 - Representation by Fiduciaries and Parents. - Sec. 7303. To the extent there is no conflict of...

Section 700.7304 - Representation by Person Having Substantially Identical Interest. - Sec. 7304. Unless otherwise represented, a minor, incapacitated, or unborn...

Section 700.7305 - Appointment of Representative. - Sec. 7305. (1) If the court determines that an interest...

Section 700.7306-700.7308 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010. - Compiler's Notes: The repealed section pertained to personal liability of...

386-1998-VII-4 - Part 4 Creation, Validity, Modification, and Termination of Trust (700.7401...700.7417)

Section 700.7401 - Creating Trust; Methods. - Sec. 7401. (1) A trust may be created by any...

Section 700.7402 - Creating Trust; Requirements. - Sec. 7402. (1) A trust is created only if all...

Section 700.7403 - Trusts Created in Other Jurisdictions. - Sec. 7403. A trust not created by will is validly...

Section 700.7404 - Trust Purposes. - Sec. 7404. A trust may be created only to the...

Section 700.7405 - Charitable Trusts; Purposes; Enforcement. - Sec. 7405. (1) A charitable trust may be created for...

Section 700.7406 - Creation of Trust Induced by Fraud, Duress, or Undue Influence. - Sec. 7406. A trust is void to the extent its...

Section 700.7407 - Evidence of Oral Trust. - Sec. 7407. Except as required by a statute other than...

Section 700.7408, 700.7409 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010. - History: The repealed sections pertained to trustee authority regarding tax...

Section 700.7410 - Modification or Termination of Trust; Procedures for Approval or Disapproval. - Sec. 7410. (1) In addition to the methods of termination...

Section 700.7411 - Modification or Termination of Noncharitable Trust; Consent; "Settlor's Representative" Defined. - Sec. 7411. (1) Subject to subsection (2), a noncharitable irrevocable...

Section 700.7412 - Modification or Termination of Trust; Unanticipated Circumstances or Inability to Administer Effectively. - Sec. 7412. (1) The court may modify the administrative terms...

Section 700.7413 - Cy Pres. - Sec. 7413. (1) Except as otherwise provided in subsections (2)...

Section 700.7414 - Termination or Modification of Noncharitable Trust; Section Inapplicable to Easement for Conservation or Preservation. - Sec. 7414. (1) After 63 days after notice to the...

Section 700.7415 - Reformation to Correct Mistakes. - Sec. 7415. The court may reform the terms of a...

Section 700.7416 - Modification to Achieve Settlor's Tax Objectives; Retroactive Effect. - Sec. 7416. To achieve the settlor's tax objectives, the court...

Section 700.7417 - Division or Consolidation of Trusts. - Sec. 7417. (1) After notice to the qualified trust beneficiaries...

386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)

Section 700.7501 - Application; Purposes. - Sec. 7501. This part applies to a creditor's or transferee's...

Section 700.7502 - Spendthrift Provision. - Sec. 7502. (1) A spendthrift provision is valid and enforceable....

Section 700.7503 - Trust for Support. - Sec. 7503. (1) The interest of a trust beneficiary that...

Section 700.7504 - Spendthrift Provision or Support Provision; Exceptions; "Child" Defined. - Sec. 7504. (1) The interest of a trust beneficiary that...

Section 700.7505 - Discretionary Trust; Effect of Standard; Right of Transferee or Creditor. - Sec. 7505. The transferee or creditor of the beneficiary of...

Section 700.7506 - Creditor's Claim Against Settlor; "Settlor" Explained. - Sec. 7506. (1) Whether or not the terms of a...

Section 700.7507 - Overdue Distribution; "Mandatory Distribution" Defined. - Sec. 7507. (1) Whether or not a trust contains a...

Section 700.7508 - Personal Obligations of Trustee. - Sec. 7508. Trust property is not subject to personal obligations...

Section 700.7509-700.7511 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010. - Compiler's Notes: The repealed sections pertained to secured claims, claims...

386-1998-VII-6 - Part 6 Revocable Trusts (700.7601...700.7615)

Section 700.7601 - Capacity of Settlor of Revocable Trust. - Sec. 7601. The capacity required to create, amend, revoke, or...

Section 700.7602 - Revocation or Amendment of Revocable Trust. - Sec. 7602. (1) Unless the terms of a trust expressly...

Section 700.7603 - Powers of Settlor; Exceptions; Settlor as Incapacitated Individual; Powers of Withdrawal; Actions by Predecessor Trustee. - Sec. 7603. (1) Subject to subsection (2), while a trust...

Section 700.7604 - Proceeding to Contest Validity of Revocable Trust; Limitation; Distribution of Property; Liability. - Sec. 7604. (1) A person may commence a judicial proceeding...

Section 700.7605 - Liability of Trust for Expenses, Claims, and Allowances. - Sec. 7605. (1) The property of a trust over which...

Section 700.7606 - Payment of Expenses and Obligations of Settlor's Estate; Duty of Trustee. - Sec. 7606. (1) A trustee of a trust described in...

Section 700.7607 - Rules Regarding Payment of Expenses and Obligations; Priority; Decedent as Settlor of More Than 1 Trust. - Sec. 7607. (1) The following rules apply to section 7606(2):...

Section 700.7608 - Duty of Trustee to Give Notice. - Sec. 7608. If there is no personal representative of the...

Section 700.7609 - Presentation of Claims Against Trust. - Sec. 7609. (1) Subject to section 7611, if notice to...

Section 700.7610 - Presentation of Claims to Assert Liability; Time Limitation; Exceptions. - Sec. 7610. (1) Subject to section 7611, if not barred...

Section 700.7611 - Allowance or Disallowance of Claims Against Revocable Trust. - Sec. 7611. If there is no personal representative appointed for...

Section 700.7612 - Payment of Claims by Trustee. - Sec. 7612. (1) Upon the expiration of 4 months after...

Section 700.7613 - Secured Claims; Payment; Basis. - Sec. 7613. Payment of a secured claim shall be upon...

Section 700.7614 - Claims Due at Future Time, Contingent Claim, or Unliquidated Claim. - Sec. 7614. A claim that will become due at a...

Section 700.7615 - Counterclaims of Trustee. - Sec. 7615. In allowing a claim, the trustee may deduct...

386-1998-VII-7 - Part 7 Office of Trustee (700.7701...700.7709)

Section 700.7701 - Acceptance or Rejection of Trusteeship. - Sec. 7701. (1) Except as otherwise provided in subsection (3),...

Section 700.7702 - Trustee's Bond. - Sec. 7702. (1) A trustee shall give bond to secure...

Section 700.7703 - Cotrustees; Powers and Duties; Relief of Liability. - Sec. 7703. (1) Except as otherwise provided in this section,...

Section 700.7703a - Rules of Construction; Nonfiduciary Powers Under a Trust; Power of Direction to Trust Director; Duties and Limitations of Trust Director and Trustee; Liability; Applicability of Rules to Trusteeship; Definitions. - Sec. 7703a. (1) Excepting the rules of construction in subsection...

Section 700.7703b - Separate Trustees Provision; Trust Instrument; Duties and Powers; Liability; Definitions. - Sec. 7703b. (1) A trust instrument may include a separate...

Section 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...

Section 700.7705 - Resignation of Trustee; Circumstances; Issuance of Orders and Conditions; Liability. - Sec. 7705. (1) A trustee may resign in either of...

Section 700.7706 - Removal of Trustee. - Sec. 7706. (1) The settlor, a cotrustee, or a qualified...

Section 700.7707 - Delivery of Property by Former Trustee. - Sec. 7707. (1) Unless a cotrustee remains in office or...

Section 700.7708 - Compensation of Trustee. - Sec. 7708. (1) If the terms of a trust do...

Section 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...

386-1998-VII-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)

Section 700.7801 - Administration of Trust; Duties of Trustee. - Sec. 7801. Upon acceptance of a trusteeship, the trustee shall...

Section 700.7802 - Duty of Loyalty. - Sec. 7802. (1) A trustee shall administer the trust solely...

Section 700.7803 - Impartiality; Use of Standards of Michigan Prudent Investor Rule. - Sec. 7803. The trustee shall act as would a prudent...

Section 700.7808 - Settlor's Power to Direct Contrary to Trust Terms. - Sec. 7808. While a trust is revocable, the trustee may...

Section 700.7809 - Repealed. 2018, Act 664, Eff. Mar. 29, 2019. - Compiler's Notes: The repealed section pertained to the exercise of...

Section 700.7810 - Control and Protection of Trust Property. - Sec. 7810. A trustee shall take reasonable steps to take...

Section 700.7811 - Recordkeeping and Identification of Trust Property. - Sec. 7811. (1) A trustee shall keep adequate records of...

Section 700.7812 - Enforcement and Defense of Claims. - Sec. 7812. A trustee shall take reasonable steps to enforce...

Section 700.7813 - Duty to Locate Trust Property and Compel Delivery; Retention of Reserve for Payment of Expenses; Improper Distribution or Payment From Trust; Wrongful Conversion. - Sec. 7813. (1) A trustee shall take reasonable steps to...

Section 700.7814 - Duty to Inform and Report. - Sec. 7814. (1) A trustee shall keep the qualified trust...

Section 700.7815 - Discretionary Powers; Abuse; Liability to Beneficiary; Rules; Effect of Limited or Prohibited Powers; Exceptions. - Sec. 7815. (1) A beneficiary of a discretionary trust provision...

Section 700.7816 - General Powers of Trustee. - Sec. 7816. (1) A trustee, without authorization by the court,...

Section 700.7817 - Specific Powers of Trustee. - Sec. 7817. Without limiting the authority conferred by section 7816,...

Section 700.7818 - Environmental Concerns or Hazards; Powers of Trustee. - Sec. 7818. (1) In connection with an environmental concern or...

Section 700.7819 - Tax Matters; Powers of Trustee. - Sec. 7819. (1) A trustee may do any of the...

Section 700.7820 - Payment Provisions; Facility. - Sec. 7820. (1) A trustee may act under section 7817(ff)...

Section 700.7820a - Irrevocable Trust Including Discretionary Trust Provision; Distribution; Definitions. - Sec. 7820a. (1) If an irrevocable trust includes a discretionary...

Section 700.7821 - Distribution Upon Termination. - Sec. 7821. (1) Upon termination or partial termination of a...

386-1998-VII-9 - Part 9 Liability of Trustees and Rights of Persons Dealing With Trustee (700.7901...700.7913)

Section 700.7901 - Remedies for Breach of Trust. - Sec. 7901. (1) A violation by a trustee of a...

Section 700.7902 - Breach of Trust; Liability; Damages. - Sec. 7902. A trustee who commits a breach of trust...

Section 700.7903 - Damages in Absence of Breach. - Sec. 7903. (1) A trustee is accountable to an affected...

Section 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...

Section 700.7905 - Commencement of Proceedings; Limitations. - Sec. 7905. (1) The following limitations on commencing proceedings apply...

Section 700.7906 - Reliance on Trust Instrument. - Sec. 7906. A trustee who acts in reasonable reliance on...

Section 700.7907 - Event Affecting Administration or Distribution. - Sec. 7907. If the happening of an event, including, but...

Section 700.7908 - Exculpation of Trustee. - Sec. 7908. (1) A term of a trust relieving a...

Section 700.7909 - Beneficiary's Consent, Release, or Ratification of Transaction. - Sec. 7909. A trustee is not liable to a trust...

Section 700.7910 - Personal Liability of Trustee; Limitation. - Sec. 7910. (1) Unless otherwise provided in the contract, a...

Section 700.7911 - Interest as General Partner. - Sec. 7911. (1) Except as otherwise provided in subsection (3),...

Section 700.7912 - Protection of Person Dealing With Trustee. - Sec. 7912. (1) A person other than a trust beneficiary...

Section 700.7913 - Certificate of Trust. - Sec. 7913. (1) Instead of furnishing a copy of the...

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Michigan Compiled Laws Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206) Article VII - Michigan Trust Code (700.7101...700.7913)

Michigan Compiled Laws
Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)
Article VII - Michigan Trust Code (700.7101...700.7913)