Resignation of Trustee; Circumstances; Issuance of Orders and Conditions; Liability - Mich. Comp. Laws Section 700.7705
Legal Research Home >
Michigan Laws > Estates And Protected Individuals Code > Resignation of Trustee; Circumstances; Issuance of Orders and Conditions; Liability - Mich. Comp. Laws Section 700.7705
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
Section: 700.7613 700.7614 700.7615 700.7701 700.7702 700.7703 700.7704 700.7705 700.7706 700.7707 700.7708 700.7709 700.7801 700.7802 700.7803
Last modified: March 17, 2013
|
