Sec. 7903.
(1) A trustee is accountable to an affected trust beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.
(2) Absent a breach of trust, a trustee is not liable to a trust beneficiary for a loss or depreciation in the value of trust property, for failure to generate income, or for not having made a profit.
(3) This section does not do either of the following:
(a) Limit a trustee's right to compensation under section 7708 or payments allowed under section 7802(5).
(b) Make a trustee accountable to an affected beneficiary in connection with a matter to which section 4405 of the banking code of 1999, 1999 PA 276, MCL 487.14405, applies and the requirements of that section have been satisfied.
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 700.7901 - Remedies for Breach of Trust.
Section 700.7902 - Breach of Trust; Liability; Damages.
Section 700.7903 - Damages in Absence of Breach.
Section 700.7905 - Commencement of Proceedings; Limitations.
Section 700.7906 - Reliance on Trust Instrument.
Section 700.7907 - Event Affecting Administration or Distribution.
Section 700.7908 - Exculpation of Trustee.
Section 700.7909 - Beneficiary's Consent, Release, or Ratification of Transaction.
Section 700.7910 - Personal Liability of Trustee; Limitation.
Section 700.7911 - Interest as General Partner.
Section 700.7912 - Protection of Person Dealing With Trustee.