Sec. 7302.
The holder of a power of revocation or amendment or a presently exercisable or testamentary general or special power of appointment may represent and bind a person whose interest, as a permissible appointee, taker in default, or otherwise, is subject to the power. For the purpose, however, of granting consent or approval to modification or termination of a trust or to deviation from its terms, including consent or approval to a settlement agreement described in section 7111, only the holder of a presently exercisable or testamentary general power of appointment may represent and bind such a person.
History: 1998, Act 386, 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 VII - Michigan Trust Code (700.7101...700.7913)
386-1998-VII-3 - Part 3 Representation (700.7301...700.7308)
Section 700.7301 - Representation; Effect.
Section 700.7303 - Representation by Fiduciaries and Parents.
Section 700.7304 - Representation by Person Having Substantially Identical Interest.
Section 700.7305 - Appointment of Representative.
Section 700.7306-700.7308 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010.