Sec. 1214.
Unless the governing instrument expressly authorizes such a transaction or investment, unless authorized by the court, except as provided in section 3713, 5421, or 7802, or except as provided in section 4405 of the banking code of 1999, 1999 PA 276, MCL 487.14405, a fiduciary in the fiduciary's personal capacity shall not engage in a transaction with the estate that the fiduciary represents and shall not invest estate money in a company, corporation, or association with which the fiduciary is affiliated, other than as a bondholder or minority stockholder. A fiduciary in the fiduciary's personal capacity shall not personally derive a profit from the purchase, sale, or transfer of the estate's property. A fiduciary's deposit of money in a bank or trust company, in which the fiduciary is interested as an officer, director, or stockholder, does not constitute a violation of this section.
History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2000, Act 54, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
Structure Michigan Compiled Laws
Chapter 700 - Estates and Protected Individuals Code
Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)
Article I - Definitions, General Provisions, and Court Jurisdiction (700.1101...700.1512)
386-1998-I-2 - Part 2 Construction and General Provisions (700.1201...700.1214)
Section 700.1201 - Purposes; Rules of Construction.
Section 700.1207 - Evidence of Death or Status.
Section 700.1208 - Procedure to Establish Death of Accident or Disaster Victim.
Section 700.1209 - Acts by Holder of Power of Appointment.
Section 700.1210 - Cost-of-Living Adjustment.
Section 700.1211 - Court Personnel Prohibited From Providing Legal Advice.
Section 700.1212 - Fiduciary Relationship.
Section 700.1213 - Reference to Unified Credits, Exemption, or Deductions.