Sec. 1511.
The following terms or similar language in a governing instrument, unless otherwise limited or modified, authorize any investment or strategy permitted under the Michigan prudent investor rule:
(a) "Investments permissible by law for investment of trust funds".
(b) "Legal investments".
(c) "Authorized investments".
(d) "Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital".
(e) "Prudent man rule".
(f) "Prudent trustee rule".
(g) "Prudent person rule".
(h) "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.