Sec. 18.
When the grantor in a conveyance reserves to himself an unqualified power of revocation, he is thereafter deemed still to be the absolute owner of the estate conveyed, so far as the rights of his creditors and purchasers are concerned. If the grantor dies without exercising such power, the executor or other legal representative of the grantor may reach the estate conveyed on behalf of any creditor whose claim has been filed and allowed in the grantor's probate estate but not paid because the assets of the probate estate are insufficient to satisfy his claim. This section shall not confer upon the executor or other legal representative of the grantor the right to obtain on behalf of creditors any of the proceeds of life insurance policies or other distributions from qualified pension, profit sharing and stock bonus plans that might be payable as a result of the death of the grantor.
History: 1967, Act 224, Eff. Nov. 2, 1967 ;-- Am. 1970, Act 195, Imd. Eff. Aug. 6, 1970
Structure Michigan Compiled Laws
Chapter 556 - Powers of Appointment
Act 224 of 1967 - Powers of Appointment Act of 1967 (556.111 - 556.133)
Section 556.111 - Powers of Appointment Act; Short Title.
Section 556.112 - Powers of Appointment Act; Definitions.
Section 556.113 - Powers of Appointment; Creation; Donors, Qualifications.
Section 556.114 - Manifestation of Intent to Exercise.
Section 556.115 - Methods by Which Powers May Be Exercised by Donees.
Section 556.115a - Second Trust.
Section 556.116 - Interests Appointable by General Powers; Part of Donee's Estate.
Section 556.117 - Naming Appointees by Donees of Powers.
Section 556.118 - Release of Powers; Method; Delivery.
Section 556.119 - Creation, Exercise and Release of Powers; Irrevocability.
Section 556.120 - Contracts of Donees of Powers to Make Appointments; Remedies.
Section 556.122 - Special Power; Passing on Donee's Default.
Section 556.123 - General Powers; Creditors' Rights in Appointable Interests.
Section 556.126 - Postponement of Vesting of Future Interests; Law Determining Period.
Section 556.128 - Reserved Power of Revocation; Effect on Creditors and Purchasers.
Section 556.129 - Law Applicability; Construction of Act.
Section 556.130 - Death of Appointee Prior to Exercise of Power.
Section 556.131 - Membership of Class; Determination; After Born Members.