Michigan Compiled Laws
386-1998-VII-7 - Part 7 Office of Trustee (700.7701...700.7709)
Section 700.7705 - Resignation of Trustee; Circumstances; Issuance of Orders and Conditions; Liability.

Sec. 7705.
(1) A trustee may resign in either of the following circumstances:
(a) Upon at least 28 days' notice to the qualified trust beneficiaries, the holders of powers of appointment, and all cotrustees.
(b) With the approval of the court.
(2) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(3) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
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.