Exculpation of Trustee - Mich. Comp. Laws Section 700.7908
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Michigan Laws > Estates And Protected Individuals Code > Exculpation of Trustee - Mich. Comp. Laws Section 700.7908
700.7908 Exculpation of trustee.Sec. 7908.
(1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that either of the following applies:
(a) The term relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the trust beneficiaries.
(b) The term was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.
(2) The terms of a trust relieving a trustee of liability for breach of trust for the acquisition or retention of a particular asset or asset class or failure to diversify investments are enforceable.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC
Section: 700.7901 700.7902 700.7903 700.7904 700.7905 700.7906 700.7907 700.7908 700.7909 700.7910 700.7911 700.7912 700.7913 700.8101 700.8102
Last modified: March 17, 2013
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