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Sec. 101. This act shall be known and may be cited as the “uniform principal and income act”. History: 2004, Act 159, Eff. Sept. 1, 2004
Structure Michigan Compiled Laws
Michigan Compiled Laws
Chapter 555 - Uses and Trusts
Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)
Article 1 - (555.501...555.505)
Section 555.501 - Short Title.
Section 555.502 - Definitions.
Section 555.503 - Duties of Fiduciary; Allocation of Receipts and Disbursements to or Between Principal and Income; Discretionary Power; Impartiality.
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.
Section 555.505 - Exercise of Discretionary Power by Fiduciary; Limitation on Court to Order; Decision; Petition; Burden of Proof.