386-1998-VII - ARTICLE VII MICHIGAN TRUST CODE (700.7101...700.7913)
- 386-1998-VII-1 - PART 1 (700.7101...700.7113)
- Section 700.7101 - Short title of article.
- Section 700.7102 - Scope.
- Section 700.7103 - Definitions.
- Section 700.7104 - Notice or knowledge of fact.
- Section 700.7105 - Duties and powers of trustee; provisions of law prevailing over terms of trust.
- Section 700.7107 - Governing law.
- Section 700.7108 - Principal place of administration.
- Section 700.7109 - Notice; methods; waiver.
- Section 700.7110 - Others treated as qualified beneficiaries.
- Section 700.7111 - Nonjudicial settlement agreement.
- Section 700.7112 - Rules of construction.
- Section 700.7113 - Penalty clause for contest of trust.
- 386-1998-VII-2 - PART 2 (700.7201...700.7211)
- Section 700.7201 - Role of court in administration of trust.
- Section 700.7202 - Jurisdiction over trustee and beneficiaries.
- Section 700.7203 - Subject matter jurisdiction.
- Section 700.7204 - Venue.
- Section 700.7205 - Trust proceedings; dismissal of matters relating to foreign trusts.
- Section 700.7206 - Court; concurrent jurisdiction of litigation involving trusts and third parties.
- Section 700.7207 - Proceedings; review of employment of agents and compensation of trustee and employees of trustee.
- Section 700.7208 - Trust proceedings; initiation by notice; interested persons.
- Section 700.7209 - Registration of trust.
- Section 700.7210 - Registration procedures.
- Section 700.7211 - Registration; qualification of foreign trustee.
- 386-1998-VII-3 - PART 3 (700.7301...700.7308)
- Section 700.7301 - Representation; effect.
- Section 700.7302 - Representation; holder of power of revocation or amendment or power of appointment.
- Section 700.7303 - Representation by fiduciaries and parents.
- Section 700.7304 - Representation by person having substantially identical interest.
- Section 700.7305 - Appointment of representative.
- Section 700.7306-700.7308 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010.
- 386-1998-VII-4 - PART 4 (700.7401...700.7417)
- 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- Section 700.7408, 700.7409 - Repealed. 2009, Act 46, Eff.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 700.7411 - Modification or termination of noncharitable trust; consent; "settlor's representative" defined.
- Section 700.7412 - Modification or termination of trust; unanticipated circumstances or inability to administer effectively.
- Section 700.7413 - Cy pres.
- Section 700.7414 - Termination or modification of uneconomic trust; section inapplicable to easement for conservation or preservation.
- Section 700.7415 - Reformation to correct mistakes.
- Section 700.7416 - Modification to achieve settlor's tax objectives; retroactive effect.
- Section 700.7417 - Division or consolidation of trusts.
- 386-1998-VII-5 - PART 5 (700.7501...700.7511)
- Section 700.7501 - Application; purposes.
- Section 700.7502 - Spendthrift provision.
- Section 700.7503 - Trust for support.
- Section 700.7504 - Spendthrift provision or support provision; exceptions; "child" defined.
- Section 700.7505 - Discretionary trust; effect of standard; right of transferee or creditor.
- Section 700.7506 - Creditor's claim against settlor; "settlor" explained.
- Section 700.7507 - Overdue distribution; "mandatory distribution" defined.
- Section 700.7508 - Personal obligations of trustee.
- Section 700.7509-700.7511 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010.
- 386-1998-VII-6 - PART 6 (700.7601...700.7615)
- Section 700.7601 - Capacity of settlor of revocable trust.
- Section 700.7602 - Revocation or amendment of revocable trust.
- Section 700.7603 - Powers of settlor; settlor as incapacitated individual; powers of withdrawal; actions by predecessor trustee.
- Section 700.7604 - Proceeding to contest validity of revocable trust; limitation; distribution of property; liability.
- Section 700.7605 - Liability of trust for expenses, claims, and allowances.
- Section 700.7606 - Payment of expenses and obligations of settlor's estate; duty of trustee.
- Section 700.7607 - Rules regarding payment of expenses and obligations; priority; decedent as settlor of more than 1 trust.
- Section 700.7608 - Duty of trustee to give notice.
- Section 700.7609 - Presentation of claims against trust.
- Section 700.7610 - Presentation of claims to assert liability; time limitation; exceptions.
- Section 700.7611 - Allowance or disallowance of claims against revocable trust.
- Section 700.7612 - Payment of claims by trustee.
- Section 700.7613 - Secured claims; payment; basis.
- Section 700.7614 - Claims due at future time, contingent claim, or unliquidated claim.
- Section 700.7615 - Counterclaims of trustee.
- 386-1998-VII-7 - PART 7 (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.
- Section 700.7704 - Vacancy in trusteeship; manner of filling; priority; appointment by court of additional trustee or fiduciary.
- Section 700.7705 - Resignation of trustee; circumstances; issuance of orders and conditions; liability.
- Section 700.7706 - Removal of trustee.
- Section 700.7707 - Delivery of property by former trustee.
- Section 700.7708 - Compensation of trustee.
- Section 700.7709 - Reimbursement of expenses; advance of money as lien; advances and reimbursement not as self-dealing or breach of fiduciary duty.
- 386-1998-VII-8 - PART 8 (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 - Trust protector; exercise of powers.
- 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 700.7813 - Duty to locate trust property and compel delivery; retention of reserve for payment of expenses; improper distribution or payment from trust; wrongful conversion.
- Section 700.7814 - Duty to inform and report.
- Section 700.7815 - Discretionary powers; abuse; rules; effect of limited or prohibited powers; exceptions.
- 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.
- Section 700.7820 - Payment provisions; facility.
- Section 700.7821 - Distribution upon termination.
- 386-1998-VII-9 - PART 9 (700.7901...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 700.7904 - Attorney fees and costs; receipt of expenses and disbursements; reduction or denial of claim with respect to breach of trust.
- 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.
- Section 700.7913 - Certificate of trust.