Sec. 7415.
The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement.
History: Add. 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)
Section 700.7401 - Creating Trust; Methods.
Section 700.7402 - Creating Trust; Requirements.
Section 700.7403 - Trusts Created in Other Jurisdictions.
Section 700.7404 - Trust Purposes.
Section 700.7405 - Charitable Trusts; Purposes; Enforcement.
Section 700.7406 - Creation of Trust Induced by Fraud, Duress, or Undue Influence.
Section 700.7407 - Evidence of Oral Trust.
Section 700.7408, 700.7409 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010.
Section 700.7410 - Modification or Termination of Trust; Procedures for Approval or Disapproval.
Section 700.7415 - Reformation to Correct Mistakes.
Section 700.7416 - Modification to Achieve Settlor's Tax Objectives; Retroactive Effect.