Sec. 1505.
Within a reasonable time after accepting appointment as a fiduciary or receiving fiduciary assets, a fiduciary shall review the assets, and make and implement decisions concerning the retention and disposition of assets, in order to bring the fiduciary portfolio into compliance with the purposes, terms, distribution requirements expressed in the governing instrument, and other circumstances of the fiduciary estate, and with the requirements of the Michigan prudent investor rule.
History: 1998, Act 386, Eff. Apr. 1, 2000 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-5 - Part 5 Prudent Investor Rule (700.1501...700.1512)
Section 700.1501 - Short Title of Part; Definitions.
Section 700.1502 - Prudent Investor Rule.
Section 700.1503 - Portfolio Strategy; Risk and Return Objectives.
Section 700.1504 - Diversification.
Section 700.1505 - Duties at Inception.
Section 700.1506 - Duties of Fiduciary in Interest of Beneficiaries.
Section 700.1507 - Impartiality.
Section 700.1508 - Investment Costs.
Section 700.1509 - Reviewing Compliance.
Section 700.1510 - Delegation of Investment and Management Functions.
Section 700.1511 - Language Invoking Standard of Prudent Investor Rule.
Section 700.1512 - Application to Existing Fiduciary Estates.