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Michigan Compiled Laws - Uses and Trusts

Legal Research Home > Michigan Laws > Uses And Trusts > Michigan Compiled Laws - Uses and Trusts

• Uses and Trusts; Extent of Abolition; Interests Deemed Legal - Mich. Comp. Laws Section 555.1
  Uses and trusts, except as authorized and modified in this chapter, are abolished, and every estate and interest in lands shall be deemed a...
• Executed Use Confirmed as Legal Estate - Mich. Comp. Laws Section 555.2
  Every estate which is now held as an use, executed under the laws of this state as they formerly existed, is confirmed as a...
• Right to Possession Deemed Legal Estate - Mich. Comp. Laws Section 555.3
  Every person who, by virtue of any grant, assignment or devise, now is, or hereafter shall be entitled to the actual possession of lands,...
• Right to Possession Deemed Legal Estate; Effect on Existing Active Trust - Mich. Comp. Laws Section 555.4
  The last preceding section shall not divest the estate of any trustees, in any existing trust, where the title of such trustees is not...
• Passive Trust; Disposition of Lands, Trustee Interest - Mich. Comp. Laws Section 555.5
  Every disposition of lands, whether by deed or devise, hereafter made, except as otherwise provided in this chapter, shall be directly to the person...
• Constructive, Resulting or Express Trusts; Preceding Sections Effect - Mich. Comp. Laws Section 555.6
  The preceding sections of this chapter, shall not extend to trusts arising or resulting by implication of law, nor be construed to prevent or...
• Payment of Consideration for Conveyance to Another; Resulting Trust, Alienee Title - Mich. Comp. Laws Section 555.7
  When a grant for a valuable consideration shall be made to 1 person, and the consideration therefor shall be paid by another, no use...
• Payment of Consideration for Conveyance to Another; Presumption as Fraudulent; Resulting Trust for Creditors of Payee - Mich. Comp. Laws Section 555.8
  Every such conveyance shall be presumed fraudulent, as against the creditors of the person paying the consideration; and when a fraudulent intent is not...
• Payment of Consideration for Conveyance to Another; Fraudulent Alienee Exemption - Mich. Comp. Laws Section 555.9
  The preceding seventh section shall not extend to cases where the alienee named in the conveyance shall have taken the same as an absolute...
• Implied or Resulting Trust; Validity Against Bona Fide Purchaser - Mich. Comp. Laws Section 555.10
  No implied or resulting trust shall be alleged or established to defeat or prejudice the title of a purchase, for a valuable consideration, and...
• Express Trust; Purpose of Creation - Mich. Comp. Laws Section 555.11
  Express trusts may be created for any or either of the following purposes: First. To sell lands for the benefit of creditors: Second. To...
• Devise to Trustee Without Power to Receive Rents and Profits; Estate of Trustee; Effect on Trust - Mich. Comp. Laws Section 555.12
  A devise of lands to executors or other trustees, to be sold or mortgaged, when such trustees are not also empowered to receive the...
• Rents and Profits; Liability of Surplus to Claims of Creditors of Beneficiary - Mich. Comp. Laws Section 555.13
  When a trust is created to receive the rents and profits of lands, and no valid direction for accumulation is given, the surplus of...
• Express Trust for Unauthorized Purpose; Estate of Trustee; Power in Trust - Mich. Comp. Laws Section 555.14
  When an express trust shall be created for any purpose not enumerated in the preceding sections of this chapter, no estate shall vest in...
• Trust as Valid Power; Land Descent - Mich. Comp. Laws Section 555.15
  In every case where the trust shall be valid as a power, the land to which the trust relates, shall remain in, or descend...
• Express Trust; Beneficiary, Trustee Estates, Beneficiary Right - Mich. Comp. Laws Section 555.16
  Every express trust, valid as such in its creation, except as herein otherwise provided, shall vest the whole estate in the trustees, in law...
• Express Trust; Disposal of Land in Event of Failure or Termination of Trust - Mich. Comp. Laws Section 555.17
  The preceding section shall not prevent any person creating a trust, from declaring to whom the lands to which the trust relates shall belong,...
• Express Trust; Undisposed Estate or Interest - Mich. Comp. Laws Section 555.18
  When an express trust is created, every estate and interest not embraced in the trust, and not otherwise disposed of, shall remain in, or...
• Express Trust; Assignability of Interest of Beneficiary - Mich. Comp. Laws Section 555.19
  No person beneficially interested in a trust for the receipt of the rents and profits of lands, can assign or in any manner dispose...
• Express Trust; Omission From Conveyance; Validity as to Subsequent Creditor and Bona Fide Purchaser From Trustee - Mich. Comp. Laws Section 555.20
  When an express trust is created, but is not contained or declared in the conveyance to the trustees, such conveyance shall be deemed absolute...
• Express Trust; Mention in Instrument; Invalidity of Certain Acts of Trustee - Mich. Comp. Laws Section 555.21
  When the trust shall be expressed in the instrument creating the estate, every sale, conveyance, or other acts of the trustees, in contravention of...
• Authorized Payment to Trustee; Protection of Payor - Mich. Comp. Laws Section 555.22
  No person who shall actually and in good faith make any payment to a trustee, which the trustee as such is authorized to receive,...
• Express Trust; Termination of Estate of Trustee - Mich. Comp. Laws Section 555.23
  When the purposes for which an express trust shall have been created, shall have ceased, the estate of the trustee shall also cease. History:...
• Express Trust; Death of All Trustees; Execution of Trust - Mich. Comp. Laws Section 555.24
  Upon the death of the surviving trustee of an express trust, the trust estate shall not descend to his heirs, nor pass to his...
• Express Trust; Trustee Resignation - Mich. Comp. Laws Section 555.25
  Upon the petition of any trustee of an express trust, the court of chancery may accept his resignation, and discharge him from the trust,...
• Express Trust; Trustee Removal - Mich. Comp. Laws Section 555.26
  Upon the petition or bill of any person interested in the execution of an express trust, and under such regulations as shall be established...
• Express Trust; Appointment of New Trustee - Mich. Comp. Laws Section 555.27
  The chancellor shall have full power to appoint a new trustee, in the place of a trustee resigned or removed; and when, in consequence...
• Conflicting Provisions - Mich. Comp. Laws Section 555.28
  If a provision of this chapter conflicts with a provision of article VII of the estates and protected individuals code, 1998 PA 386, MCL...
• Repealed - the Revised Uniform Principal and Income Act (555.51 - 555.68) - Mich. Comp. Laws
• Repealed - Irrevocable Inter Vivos Trust Instruments (555.81 - 555.84) - Mich. Comp. Laws
• Short Title; Definitions - Mich. Comp. Laws Section 555.101
  (1) This act shall be known and may be cited as the "collective investment funds act". (2) As used in this act: (a) "Collective...
• Funds; Financial Institution May Establish, Maintain, and Administer - Mich. Comp. Laws Section 555.102
  A financial institution may establish, maintain, and administer 1 or more funds. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.102...
• Funds; Financial Institution May Invest as Fiduciary - Mich. Comp. Laws Section 555.103
  A financial institution in its capacity as a fiduciary or cofiduciary may invest funds that it lawfully holds for investment in that capacity in...
• Funds; Establishment and Maintenance of Plan; Provisions; Availability for Inspection - Mich. Comp. Laws Section 555.104
  (1) A financial institution shall establish and maintain a fund in accordance with a written plan approved by resolution of the board of directors...
• Audit; Financial Report; Contents; Items to Be Excluded From Report; Availability; Advertising Common Trust Fund - Mich. Comp. Laws Section 555.104a
  (1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors...
• Common Trust Funds; Funds Investment - Mich. Comp. Laws Section 555.105
  A financial institution may invest and reinvest the assets of a fund in accordance with the plan for that fund. History: 1941, Act 174,...
• Interest in Fund Other Than Fiduciary; Prohibition; Restrictions - Mich. Comp. Laws Section 555.105a
  (1) A financial institution administering a fund shall not have an interest in that fund other than in its fiduciary capacity. If, because of...
• Common Trust Funds; Participation; Certificate - Mich. Comp. Laws Section 555.106
  (1) A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund,...
• Common Trust Funds; Management; Control; Ownership - Mich. Comp. Laws Section 555.107
  A financial institution has exclusive management and control of a fund administered by it and the sole right at any time to sell, convert,...
• Common Trust Funds; Assets Valuation; Admission and Withdrawal; Basis; Distribution - Mich. Comp. Laws Section 555.108
  (1) A financial institution administering a fund that is not invested primarily in real estate or other assets that are not readily marketable shall...
• Common Trust Funds; Management Fee; Expenses - Mich. Comp. Laws Section 555.109
  (1) A financial institution administering a fund may charge a reasonable management fee that does not exceed an amount equal to the value of...
• Common Trust Funds; Mistakes in Administration; Effect - Mich. Comp. Laws Section 555.110
  A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a...
• Common Trust Funds; Rules Regulating Administration - Mich. Comp. Laws Section 555.111
  The commissioner of the office of financial and insurance services may promulgate and enforce rules regulating the administration of funds under this act pursuant...
• Common Trust Funds; Additional Investments - Mich. Comp. Laws Section 555.112
  (1) In addition to investing assets in a fund, a financial institution may invest assets that it holds as fiduciary in any of the...
• Common Trust Funds; Court Accountings; Jurisdiction of Probate Court - Mich. Comp. Laws Section 555.113
  Unless ordered by a court of competent jurisdiction, a financial institution administering a fund is not required to provide an accounting to a court...
• Repealed - Trust Fund Investments (555.201 - 555.203) - Mich. Comp. Laws
• Trust of Property for Employees; Effect of Rule Against Perpetuities - Mich. Comp. Laws Section 555.301
  A trust of any kind of property created by an employer as part of a stock bonus plan, pension plan, disability or death benefit...
• Trusts of Property for Employees; Accumulation of Trust Income - Mich. Comp. Laws Section 555.302
  The income arising from any trust within the classifications mentioned in the preceding section may be permitted to accumulate in accordance with the terms...
• Repealed - Uniform Trust Receipts Act (555.401 - 555.419) - Mich. Comp. Laws
• Corporation as Fiduciary or Co - Fiduciary Holding Stock or Securities in Name of Nominee; Consent of Co - Fiduciary; Endorsement of Certificate - Mich. Comp. Laws Section 555.441
  In the absence of a direction to the contrary contained in any will or other instrument transferring shares of stock or other securities to...
• Acts of Nominee, Federal Reserve Bank, and Clearing Corporation Deemed Acts of Corporation Acting as Fiduciary - Mich. Comp. Laws Section 555.442
  The acts of a nominee in connection with property held by the nominee shall be deemed to be the acts of the corporation acting...
• Records of Corporation to Show Ownership of Stock or Other Securities Held by Corporation as Fiduciary; Manner of Keeping Stocks and Other Securities Separate From Assets of Corporation - Mich. Comp. Laws Section 555.443
  The records of the corporation shall show the ownership of the shares of stock or other securities held by it as fiduciary. The shares...
• Deposit of Securities With Federal Reserve Bank; Crediting Deposit; Designating Fiduciary Account; Records to Show Ownership of Securities Held in Account; Transfer of Securities - Mich. Comp. Laws Section 555.444
  A corporation when acting as fiduciary, as provided in section 1, may deposit, or arrange for the deposit, with a federal reserve bank, of...
• Deposit of Securities in Clearing Corporation, Bank, or Trust Company; Deposit of Securities by Clearing Corporation, Bank, or Trust Company in Another Clearing Corporation, Bank, or Trust Company; Evidence of Safety of Securities; Merging Certificates; Holding Certificates in Bulk; Transfer of Securities; Approval of Commissioner - Mich. Comp. Laws Section 555.445
  (1) With the written approval of the commissioner of the financial institutions bureau, a corporation acting as a fiduciary as provided in section 1...
• Rules - Mich. Comp. Laws Section 555.446
  Pursuant to Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws, the...
• Applicability of Amendatory Act - Mich. Comp. Laws Section 555.447
  This amendatory act which added this section shall apply to any corporation acting as a fiduciary, as provided in section 1, which was so...
• Repealed - Uniform Testamentary Additions to Trusts Act (555.461 - 555.464) - Mich. Comp. Laws
• Repealed - Distribution in Kind of Pecuniary Bequests and Trust Interests (555.481 - 555.485) - Mich. Comp. Laws
• Short Title - Mich. Comp. Laws Section 555.501
  This act shall be known and may be cited as the "uniform principal and income act".
• Definitions - Mich. Comp. Laws Section 555.502
  As used in this act: (a) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. Accounting period includes...
• Duties of Fiduciary; Allocation of Receipts and Disbursements to or Between Principal and Income; Discretionary Power; Impartiality - Mich. Comp. Laws Section 555.503
  (1) In allocating receipts and disbursements to or between principal and income, and with respect to any matter found within the scope of articles...
• Adjustment Between Principal and Income; Factors; Policy; Circumstances Prohibiting Adjustment; Exercise of Power by Cofiduciary; Release of or Limitation on Power to Adjust - Mich. Comp. Laws Section 555.504
  (1) A fiduciary may adjust between principal and income to the extent the fiduciary considers necessary if the fiduciary invests and manages trust or...
• Exercise of Discretionary Power by Fiduciary; Limitation on Court to Order; Decision; Petition; Burden of Proof - Mich. Comp. Laws Section 555.505
  (1) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this...
• Death or Termination of Trust; Duties of Fiduciary - Mich. Comp. Laws Section 555.601
  After the decedent dies, in the case of an estate, or after an income interest in a trust ends, all of the following apply:...
• Beneficiary's Share of Net Income; Determination; Maintenance of Records by Fiduciary - Mich. Comp. Laws Section 555.602
  (1) Each beneficiary described in section 201(d) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in...
• Income Interest; Beginning and Ending Date; Conditions - Mich. Comp. Laws Section 555.701
  (1) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the...
• Allocation of Income Receipt or Disbursement; Occurrence of Due Date; Accrual - Mich. Comp. Laws Section 555.702
  (1) Except as provided in section 201(a), a trustee shall allocate an income receipt or disbursement to principal if its due date occurs before...
• Undistributed Income - Mich. Comp. Laws Section 555.703
  (1) As used in this section, "undistributed income" means net income received before the date on which an income interest ends. Undistributed income does...
• "entity" Defined; Allocation to Income Money Received; Allocation of Receipts to Principal; Money Received in Partial Liquidation; Limitation; Statement by Entity on Source or Character of Distribution - Mich. Comp. Laws Section 555.801
  (1) As used in this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund,...
• Income; Principal; Allocation of Amounts Received as Distributions From Trust or Purchased Interest - Mich. Comp. Laws Section 555.802
  A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust...
• Separate Accounting for Business or Other Activity - Mich. Comp. Laws Section 555.803
  (1) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to...
• Principal; Allocations - Mich. Comp. Laws Section 555.804
  A trustee shall allocate to principal all of the following: (a) To the extent not allocated to income under this act, assets received from...
• Receipts From Rental Property - Mich. Comp. Laws Section 555.805
  To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount...
• Interest Received; Allocation to Income; Proceeds of Sale; Allocation to Principal - Mich. Comp. Laws Section 555.806
  (1) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee,...
• Life Insurance Proceeds; Other Contracts; Allocations - Mich. Comp. Laws Section 555.807
  (1) Except as otherwise provided in subsection (2), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract...
• Insubstantial Allocation - Mich. Comp. Laws Section 555.808
  If a trustee determines that an allocation between principal and income required by section 409, 410, 411, 412, or 415 is insubstantial, the trustee...
• Payment Allocation - Mich. Comp. Laws Section 555.809
  (1) As used in this section, "payment" means a payment that a trustee may receive over a fixed number of years or during the...
• Definitions; Payment Allocation - Mich. Comp. Laws Section 555.809.amended
  (1) As used in this section: (a) "Payment" means a payment that a trustee may receive over a fixed number of years or during...
• Liquidating Asset; Allocation of Receipts - Mich. Comp. Laws Section 555.810
  (1) As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce...
• Receipts From Minerals, Water, or Other Natural Resources; Allocations - Mich. Comp. Laws Section 555.811
  (1) Except as provided in subsection (4), to the extent that a trustee accounts for receipts from an interest in minerals or other natural...
• Net Receipts From Sale of Timber; Allocations - Mich. Comp. Laws Section 555.812
  (1) Except as provided in subsection (4), to the extent that a trustee accounts for receipts from the sale of timber and related products...
• Marital Deduction; Insufficient Income From or Use of Trust Assets; Actions to Be Taken by Trustee - Mich. Comp. Laws Section 555.813
  (1) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide...
• Derivative Transactions; Gain or Loss Realized From Exercise of Option; Allocations - Mich. Comp. Laws Section 555.814
  (1) As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments that gives a...
• Asset - Backed Security; Allocation of Payments - Mich. Comp. Laws Section 555.815
  (1) As used in this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive...
• Income Disbursements - Mich. Comp. Laws Section 555.901
  A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 201(b)(ii) or (iii) applies:...
• Principal Disbursements - Mich. Comp. Laws Section 555.902
  (1) A trustee shall make the following disbursements from principal: (a) The remaining 1/2 of the disbursements described in section 501(a) and (b). (b)...
• Depreciation; Amount Transferred to Principal - Mich. Comp. Laws Section 555.903
  (1) As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed...
• Principal Disbursement; Transfer of Amount to Provide Reserve - Mich. Comp. Laws Section 555.904
  (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from...
• Tax Payments - Mich. Comp. Laws Section 555.905
  (1) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (2) A tax...
• Tax Payments - Mich. Comp. Laws Section 555.905.amended
  (1) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (2) A tax...
• Income Beneficiaries and Remainder Benefits; Adjustments Between Principal and Income - Mich. Comp. Laws Section 555.906
  (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and...
• Application and Construction of Act - Mich. Comp. Laws Section 555.1001
  In applying and construing this act, consideration shall be given to the need to promote uniformity of the law with respect to the subject...
• Severability - Mich. Comp. Laws Section 555.1002
  If any provision of this act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions...
• Repeal of Mcl 555.51 to 555.68 - Mich. Comp. Laws Section 555.1003
  The revised uniform principal and income act, 1965 PA 340, MCL 555.51 to 555.68, is repealed.
• Effective Date - Mich. Comp. Laws Section 555.1004
  This act takes effect September 1, 2004.
• Applicability to Trust or Estate on Effective Date of Act - Mich. Comp. Laws Section 555.1005
  This act applies to each trust or decedent's estate existing on the effective date of this act except as otherwise expressly provided in the...
• Applicability of Mcl 555.409 to Certain Trusts; Dates - Mich. Comp. Laws Section 555.1006.added
  Section 409 applies to a trust described in section 409(4) on and after the following dates: (a) If the trust is not funded as...

Last modified: March 17, 2013