Michigan Compiled Laws
386-1998-VII-7 - Part 7 Office of Trustee (700.7701...700.7709)
Section 700.7702 - Trustee's Bond.

Sec. 7702.
(1) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the trust beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(2) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
(3) A financial institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC

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Structure Michigan Compiled Laws

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-7 - Part 7 Office of Trustee (700.7701...700.7709)

Section 700.7701 - Acceptance or Rejection of Trusteeship.

Section 700.7702 - Trustee's Bond.

Section 700.7703 - Cotrustees; Powers and Duties; Relief of Liability.

Section 700.7703a - Rules of Construction; Nonfiduciary Powers Under a Trust; Power of Direction to Trust Director; Duties and Limitations of Trust Director and Trustee; Liability; Applicability of Rules to Trusteeship; Definitions.