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R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28)
R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28)
R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28)
Section 555.1 - Uses and Trusts; Extent of Abolition; Interests Deemed Legal. - Sec. 1. Uses and trusts, except as authorized and modified...
Section 555.2 - Executed Use Confirmed as Legal Estate. - Sec. 2. Every estate which is now held as an...
Section 555.3 - Right to Possession Deemed Legal Estate. - Sec. 3. Every person who, by virtue of any grant,...
Section 555.4 - Right to Possession Deemed Legal Estate; Effect on Existing Active Trust. - Sec. 4. The last preceding section shall not divest the...
Section 555.5 - Passive Trust; Disposition of Lands, Trustee Interest. - Sec. 5. Every disposition of lands, whether by deed or...
Section 555.6 - Constructive, Resulting or Express Trusts; Preceding Sections Effect. - Sec. 6. The preceding sections of this chapter, shall not...
Section 555.7 - Payment of Consideration for Conveyance to Another; Resulting Trust, Alienee Title. - Sec. 7. When a grant for a valuable consideration shall...
Section 555.8 - Payment of Consideration for Conveyance to Another; Presumption as Fraudulent; Resulting Trust for Creditors of Payee. - Sec. 8. Every such conveyance shall be presumed fraudulent, as...
Section 555.9 - Payment of Consideration for Conveyance to Another; Fraudulent Alienee Exemption. - Sec. 9. The preceding seventh section shall not extend to...
Section 555.10 - Implied or Resulting Trust; Validity Against Bona Fide Purchaser. - Sec. 10. No implied or resulting trust shall be alleged...
Section 555.11 - Express Trust; Purpose of Creation. - Sec. 11. Express trusts may be created for any or...
Section 555.12 - Devise to Trustee Without Power to Receive Rents and Profits; Estate of Trustee; Effect on Trust. - Sec. 12. A devise of lands to executors or other...
Section 555.13 - Rents and Profits; Liability of Surplus to Claims of Creditors of Beneficiary. - Sec. 13. When a trust is created to receive the...
Section 555.14 - Express Trust for Unauthorized Purpose; Estate of Trustee; Power in Trust. - Sec. 14. When an express trust shall be created for...
Section 555.15 - Trust as Valid Power; Land Descent. - Sec. 15. In every case where the trust shall be...
Section 555.16 - Express Trust; Beneficiary, Trustee Estates, Beneficiary Right. - Sec. 16. Every express trust, valid as such in its...
Section 555.17 - Express Trust; Disposal of Land in Event of Failure or Termination of Trust. - Sec. 17. The preceding section shall not prevent any person...
Section 555.18 - Express Trust; Undisposed Estate or Interest. - Sec. 18. When an express trust is created, every estate...
Section 555.19 - Express Trust; Assignability of Interest of Beneficiary. - Sec. 19. No person beneficially interested in a trust for...
Section 555.20 - Express Trust; Omission From Conveyance; Validity as to Subsequent Creditor and Bona Fide Purchaser From Trustee. - Sec. 20. When an express trust is created, but is...
Section 555.21 - Express Trust; Mention in Instrument; Invalidity of Certain Acts of Trustee. - Sec. 21. When the trust shall be expressed in the...
Section 555.22 - Authorized Payment to Trustee; Protection of Payor. - Sec. 22. No person who shall actually and in good...
Section 555.23 - Express Trust; Termination of Estate of Trustee. - Sec. 23. When the purposes for which an express trust...
Section 555.24 - Express Trust; Death of All Trustees; Execution of Trust. - Sec. 24. Upon the death of the surviving trustee of...
Section 555.25 - Express Trust; Trustee Resignation. - Sec. 25. Upon the petition of any trustee of an...
Section 555.26 - Express Trust; Trustee Removal. - Sec. 26. Upon the petition or bill of any person...
Section 555.27 - Express Trust; Appointment of New Trustee. - Sec. 27. The chancellor shall have full power to appoint...
Section 555.28 - Conflicting Provisions. - Sec. 28. If a provision of this chapter conflicts with...
Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)
Section 555.101 - Short Title; Definitions. - Sec. 1. (1) This act shall be known and may...
Section 555.102 - Funds; Financial Institution May Establish, Maintain, and Administer. - Sec. 2. A financial institution may establish, maintain, and administer...
Section 555.103 - Funds; Financial Institution May Invest as Fiduciary. - Sec. 3. A financial institution in its capacity as a...
Section 555.104 - Funds; Establishment and Maintenance of Plan; Provisions; Availability for Inspection. - Sec. 4. (1) A financial institution shall establish and maintain...
Section 555.104a - Audit; Financial Report; Contents; Items to Be Excluded From Report; Availability; Advertising Common Trust Fund. - Sec. 4a. (1) At least once during each 12-month period,...
Section 555.105 - Common Trust Funds; Funds Investment. - Sec. 5. A financial institution may invest and reinvest the...
Section 555.105a - Interest in Fund Other Than Fiduciary; Prohibition; Restrictions. - Sec. 5a. (1) A financial institution administering a fund shall...
Section 555.106 - Common Trust Funds; Participation; Certificate. - Sec. 6. (1) A financial institution administering a fund shall...
Section 555.107 - Common Trust Funds; Management; Control; Ownership. - Sec. 7. A financial institution has exclusive management and control...
Section 555.108 - Common Trust Funds; Assets Valuation; Admission and Withdrawal; Basis; Distribution. - Sec. 8. (1) A financial institution administering a fund that...
Section 555.109 - Common Trust Funds; Management Fee; Expenses. - Sec. 9. (1) A financial institution administering a fund may...
Section 555.110 - Common Trust Funds; Mistakes in Administration; Effect. - Sec. 10. A mistake made in good faith and in...
Section 555.111 - Common Trust Funds; Rules Regulating Administration. - Sec. 11. The commissioner of the office of financial and...
Section 555.112 - Common Trust Funds; Additional Investments. - Sec. 12. (1) In addition to investing assets in a...
Section 555.113 - Common Trust Funds; Court Accountings; Jurisdiction of Probate Court. - Sec. 13. Unless ordered by a court of competent jurisdiction,...
Act 193 of 1947 - Trusts of Property for Employees (555.301 - 555.302)
Section 555.301 - Trust of Property for Employees; Effect of Rule Against Perpetuities. - Sec. 1. A trust of any kind of property created...
Section 555.302 - Trusts of Property for Employees; Accumulation of Trust Income. - Sec. 2. The income arising from any trust within the...
Act 56 of 1957 - Corporate Fiduciary Stockholders (555.441 - 555.447)
Section 555.441 - Corporation as Fiduciary or Co-Fiduciary Holding Stock or Securities in Name of Nominee; Consent of Co-Fiduciary; Endorsement of Certificate. - Sec. 1. In the absence of a direction to the...
Section 555.442 - Acts of Nominee, Federal Reserve Bank, and Clearing Corporation Deemed Acts of Corporation Acting as Fiduciary. - Sec. 2. The acts of a nominee in connection with...
Section 555.443 - Records of Corporation to Show Ownership of Stock or Other Securities Held by Corporation as Fiduciary; Manner of Keeping Stocks and Other Securities Separate From Assets of Corporation. - Sec. 3. The records of the corporation shall show the...
Section 555.444 - Deposit of Securities With Federal Reserve Bank; Crediting Deposit; Designating Fiduciary Account; Records to Show Ownership of Securities Held in Account; Transfer of Securities. - Sec. 4. A corporation when acting as fiduciary, as provided...
Section 555.445 - Deposit of Securities in Clearing Corporation, Bank, or Trust Company; Deposit of Securities by Clearing Corporation, Bank, or Trust Company in Another Clearing Corporation, Bank, or Trust Company; Evidence of Safety of Securities;... - Sec. 5. (1) With the written approval of the commissioner...
Section 555.446 - Rules. - Sec. 6. Pursuant to Act No. 306 of the Public...
Section 555.447 - Applicability of Amendatory Act. - Sec. 7. This amendatory act which added this section shall...
Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)
Article 1 - (555.501...555.505)
Section 555.501 - Short Title. - Sec. 101. This act shall be known and may be...
Section 555.502 - Definitions. - Sec. 102. As used in this act: (a) “Accounting period”...
Section 555.503 - Duties of Fiduciary; Allocation of Receipts and Disbursements to or Between Principal and Income; Discretionary Power; Impartiality. - Sec. 103. (1) In allocating receipts and disbursements to or...
Section 555.504 - Adjustment Between Principal and Income; Factors; Policy; Circumstances Prohibiting Adjustment; Exercise of Power by Cofiduciary; Release of or Limitation on Power to Adjust. - Sec. 104. (1) A fiduciary may adjust between principal and...
Section 555.505 - Exercise of Discretionary Power by Fiduciary; Limitation on Court to Order; Decision; Petition; Burden of Proof. - Sec. 105. (1) The court may not order a fiduciary...
Article 2 - (555.601...555.602)
Section 555.601 - Death or Termination of Trust; Duties of Fiduciary. - Sec. 201. After the decedent dies, in the case of...
Section 555.602 - Beneficiary's Share of Net Income; Determination; Maintenance of Records by Fiduciary. - Sec. 202. (1) Each beneficiary described in section 201(d) is...
Article 3 - (555.701...555.703)
Section 555.701 - Income Interest; Beginning and Ending Date; Conditions. - Sec. 301. (1) An income beneficiary is entitled to net...
Section 555.702 - Allocation of Income Receipt or Disbursement; Occurrence of Due Date; Accrual. - Sec. 302. (1) Except as provided in section 201(a), a...
Section 555.703 - Undistributed Income. - Sec. 303. (1) As used in this section, “undistributed income”...
Article 4 - (555.801...555.815)
Section 555.801 - “Entity” Defined; Allocation to Income Money Received; Allocation of Receipts to Principal; Money Received in Partial Liquidation; Limitation; Statement by Entity on Source or Character of Distribution. - Sec. 401. (1) As used in this section, “entity” means...
Section 555.802 - Income; Principal; Allocation of Amounts Received as Distributions From Trust or Purchased Interest. - Sec. 402. A trustee shall allocate to income an amount...
Section 555.803 - Separate Accounting for Business or Other Activity. - Sec. 403. (1) If a trustee who conducts a business...
Section 555.804 - Principal; Allocations. - Sec. 404. A trustee shall allocate to principal all of...
Section 555.805 - Receipts From Rental Property. - Sec. 405. To the extent that a trustee accounts for...
Section 555.806 - Interest Received; Allocation to Income; Proceeds of Sale; Allocation to Principal. - Sec. 406. (1) An amount received as interest, whether determined...
Section 555.807 - Life Insurance Proceeds; Other Contracts; Allocations. - Sec. 407. (1) Except as otherwise provided in subsection (2),...
Section 555.808 - Insubstantial Allocation. - Sec. 408. If a trustee determines that an allocation between...
Section 555.809 - Definitions; Payment Allocation. - Sec. 409. (1) As used in this section: (a) "Payment"...
Section 555.810 - Liquidating Asset; Allocation of Receipts. - Sec. 410. (1) As used in this section, “liquidating asset”...
Section 555.811 - Receipts From Minerals, Water, or Other Natural Resources; Allocations. - Sec. 411. (1) Except as provided in subsection (4), to...
Section 555.812 - Net Receipts From Sale of Timber; Allocations. - Sec. 412. (1) Except as provided in subsection (4), to...
Section 555.813 - Marital Deduction; Insufficient Income From or Use of Trust Assets; Actions to Be Taken by Trustee. - Sec. 413. (1) If a marital deduction is allowed for...
Section 555.814 - Derivative Transactions; Gain or Loss Realized From Exercise of Option; Allocations. - Sec. 414. (1) As used in this section, “derivative” means...
Section 555.815 - Asset-Backed Security; Allocation of Payments. - Sec. 415. (1) As used in this section, “asset-backed security”...
Article 5 - (555.901...555.906)
Section 555.901 - Income Disbursements. - Sec. 501. A trustee shall make the following disbursements from...
Section 555.902 - Principal Disbursements. - Sec. 502. (1) A trustee shall make the following disbursements...
Section 555.903 - Depreciation; Amount Transferred to Principal. - Sec. 503. (1) As used in this section, “depreciation” means...
Section 555.904 - Principal Disbursement; Transfer of Amount to Provide Reserve. - Sec. 504. (1) If a trustee makes or expects to...
Section 555.905 - Tax Payments. - Sec. 505. (1) A tax required to be paid by...
Section 555.906 - Income Beneficiaries and Remainder Benefits; Adjustments Between Principal and Income. - Sec. 506. (1) A fiduciary may make adjustments between principal...
Article 6 - (555.1001...555.1006)
Section 555.1001 - Application and Construction of Act. - Sec. 601. In applying and construing this act, consideration shall...
Section 555.1002 - Severability. - Sec. 602. If any provision of this act or its...
Section 555.1003 - Repeal of MCL 555.51 to 555.68. - Sec. 603. The revised uniform principal and income act, 1965...
Section 555.1004 - Effective Date. - Sec. 604. This act takes effect September 1, 2004. History:...
Section 555.1005 - Applicability to Trust or Estate on Effective Date of Act. - Sec. 605. This act applies to each trust or decedent's...
Section 555.1006 - Applicability of MCL 555.409 to Certain Trusts; Dates. - Sec. 606. Section 409 applies to a trust described in...