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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...