Sec. 7803.
The trustee shall act as would a prudent person in dealing with the property of another, including following the standards of the Michigan prudent investor rule. If the trustee has special skills or is named trustee on the basis of representation of special skills or expertise, the trustee is under a duty to use those skills.
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)
386-1998-VII-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)
Section 700.7801 - Administration of Trust; Duties of Trustee.
Section 700.7802 - Duty of Loyalty.
Section 700.7803 - Impartiality; Use of Standards of Michigan Prudent Investor Rule.
Section 700.7808 - Settlor's Power to Direct Contrary to Trust Terms.
Section 700.7809 - Repealed. 2018, Act 664, Eff. Mar. 29, 2019.
Section 700.7810 - Control and Protection of Trust Property.
Section 700.7811 - Recordkeeping and Identification of Trust Property.
Section 700.7812 - Enforcement and Defense of Claims.
Section 700.7814 - Duty to Inform and Report.
Section 700.7816 - General Powers of Trustee.
Section 700.7817 - Specific Powers of Trustee.
Section 700.7818 - Environmental Concerns or Hazards; Powers of Trustee.
Section 700.7819 - Tax Matters; Powers of Trustee.