Michigan Compiled Laws
Act 148 of 2008 - Personal Property Trust Perpetuities Act (554.91 - 554.94)
Section 554.94 - Applicability of Act to Certain Personal Property; Scope of Trust.

Sec. 4.
(1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.
(2) For purposes of this section, both of the following apply:
(a) A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.
(b) A trust is a "special appointee trust" to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of the following apply to the assets:
(i) The assets have continuously been held in trust since September 25, 1985.
(ii) The assets have not become subject to a general power of appointment since September 25, 1985.
History: 2008, Act 148, Imd. Eff. May 28, 2008 ;-- Am. 2011, Act 12, Imd. Eff. Mar. 24, 2011 ;-- Am. 2022, Act 154, Imd. Eff. July 19, 2022

Structure Michigan Compiled Laws