Sec. 13.
When a trust is created to receive the rents and profits of lands, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum that may be necessary for the education and support of the person for whose benefit the trust is created, shall be liable in equity, to the claims of the creditors of such person, in the same manner as other personal property which cannot be reached by an execution at law.
History: R.S. 1846, Ch. 63 ;-- CL 1857, 2643 ;-- CL 1871, 4126 ;-- How. 5575 ;-- CL 1897, 8841 ;-- CL 1915, 11577 ;-- CL 1929, 12979 ;-- CL 1948, 555.13
Structure Michigan Compiled Laws
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.
Section 555.2 - Executed Use Confirmed as Legal Estate.
Section 555.3 - Right to Possession Deemed Legal Estate.
Section 555.4 - Right to Possession Deemed Legal Estate; Effect on Existing Active Trust.
Section 555.5 - Passive Trust; Disposition of Lands, Trustee Interest.
Section 555.6 - Constructive, Resulting or Express Trusts; Preceding Sections Effect.
Section 555.7 - Payment of Consideration for Conveyance to Another; Resulting Trust, Alienee Title.
Section 555.9 - Payment of Consideration for Conveyance to Another; Fraudulent Alienee Exemption.
Section 555.10 - Implied or Resulting Trust; Validity Against Bona Fide Purchaser.
Section 555.11 - Express Trust; Purpose of Creation.
Section 555.13 - Rents and Profits; Liability of Surplus to Claims of Creditors of Beneficiary.
Section 555.14 - Express Trust for Unauthorized Purpose; Estate of Trustee; Power in Trust.
Section 555.15 - Trust as Valid Power; Land Descent.
Section 555.16 - Express Trust; Beneficiary, Trustee Estates, Beneficiary Right.
Section 555.17 - Express Trust; Disposal of Land in Event of Failure or Termination of Trust.
Section 555.18 - Express Trust; Undisposed Estate or Interest.
Section 555.19 - Express Trust; Assignability of Interest of Beneficiary.
Section 555.21 - Express Trust; Mention in Instrument; Invalidity of Certain Acts of Trustee.
Section 555.22 - Authorized Payment to Trustee; Protection of Payor.
Section 555.23 - Express Trust; Termination of Estate of Trustee.
Section 555.24 - Express Trust; Death of All Trustees; Execution of Trust.
Section 555.25 - Express Trust; Trustee Resignation.
Section 555.26 - Express Trust; Trustee Removal.