Michigan Compiled Laws R-s-1846-555-1-63-uses-and-trust Uses And Trusts. (555.1...555.28)

• Section 555.1 Uses And Trusts; Extent Of Abolition; Interests Deemed Legal.
  Uses and trusts, except as authorized and modified in this chapter, are abolished, and every estate and interest in lands shall be deemed a...
• Section 555.2 Executed Use Confirmed As Legal Estate.
  Every estate which is now held as an use, executed under the laws of this state as they formerly existed, is confirmed as a...
• Section 555.3 Right To Possession Deemed Legal Estate.
  Every person who, by virtue of any grant, assignment or devise, now is, or hereafter shall be entitled to the actual possession of lands,...
• Section 555.4 Right To Possession Deemed Legal Estate; Effect On Existing Active Trust.
  The last preceding section shall not divest the estate of any trustees, in any existing trust, where the title of such trustees is not...
• Section 555.5 Passive Trust; Disposition Of Lands, Trustee Interest.
  Every disposition of lands, whether by deed or devise, hereafter made, except as otherwise provided in this chapter, shall be directly to the person...
• Section 555.6 Constructive, Resulting Or Express Trusts; Preceding Sections Effect.
  The preceding sections of this chapter, shall not extend to trusts arising or resulting by implication of law, nor be construed to prevent or...
• Section 555.7 Payment Of Consideration For Conveyance To Another; Resulting Trust, Alienee Title.
  When a grant for a valuable consideration shall be made to 1 person, and the consideration therefor shall be paid by another, no use...
• Section 555.8 Payment Of Consideration For Conveyance To Another; Presumption As Fraudulent; Resulting Trust For Creditors Of Payee.
  Every such conveyance shall be presumed fraudulent, as against the creditors of the person paying the consideration; and when a fraudulent intent is not...
• Section 555.9 Payment Of Consideration For Conveyance To Another; Fraudulent Alienee Exemption.
  The preceding seventh section shall not extend to cases where the alienee named in the conveyance shall have taken the same as an absolute...
• Section 555.10 Implied Or Resulting Trust; Validity Against Bona Fide Purchaser.
  No implied or resulting trust shall be alleged or established to defeat or prejudice the title of a purchase, for a valuable consideration, and...
• Section 555.11 Express Trust; Purpose Of Creation.
  Express trusts may be created for any or either of the following purposes: First. To sell lands for the benefit of creditors: Second. To...
• Section 555.12 Devise To Trustee Without Power To Receive Rents And Profits; Estate Of Trustee; Effect On Trust.
  A devise of lands to executors or other trustees, to be sold or mortgaged, when such trustees are not also empowered to receive the...
• Section 555.13 Rents And Profits; Liability Of Surplus To Claims Of Creditors Of Beneficiary.
  When a trust is created to receive the rents and profits of lands, and no valid direction for accumulation is given, the surplus of...
• Section 555.14 Express Trust For Unauthorized Purpose; Estate Of Trustee; Power In Trust.
  When an express trust shall be created for any purpose not enumerated in the preceding sections of this chapter, no estate shall vest in...
• Section 555.15 Trust As Valid Power; Land Descent.
  In every case where the trust shall be valid as a power, the land to which the trust relates, shall remain in, or descend...
• Section 555.16 Express Trust; Beneficiary, Trustee Estates, Beneficiary Right.
  Every express trust, valid as such in its creation, except as herein otherwise provided, shall vest the whole estate in the trustees, in law...
• Section 555.17 Express Trust; Disposal Of Land In Event Of Failure Or Termination Of Trust.
  The preceding section shall not prevent any person creating a trust, from declaring to whom the lands to which the trust relates shall belong,...
• Section 555.18 Express Trust; Undisposed Estate Or Interest.
  When an express trust is created, every estate and interest not embraced in the trust, and not otherwise disposed of, shall remain in, or...
• Section 555.19 Express Trust; Assignability Of Interest Of Beneficiary.
  No person beneficially interested in a trust for the receipt of the rents and profits of lands, can assign or in any manner dispose...
• Section 555.20 Express Trust; Omission From Conveyance; Validity As To Subsequent Creditor And Bona Fide Purchaser From Trustee.
  When an express trust is created, but is not contained or declared in the conveyance to the trustees, such conveyance shall be deemed absolute...
• Section 555.21 Express Trust; Mention In Instrument; Invalidity Of Certain Acts Of Trustee.
  When the trust shall be expressed in the instrument creating the estate, every sale, conveyance, or other acts of the trustees, in contravention of...
• Section 555.22 Authorized Payment To Trustee; Protection Of Payor.
  No person who shall actually and in good faith make any payment to a trustee, which the trustee as such is authorized to receive,...
• Section 555.23 Express Trust; Termination Of Estate Of Trustee.
  When the purposes for which an express trust shall have been created, shall have ceased, the estate of the trustee shall also cease. History:...
• Section 555.24 Express Trust; Death Of All Trustees; Execution Of Trust.
  Upon the death of the surviving trustee of an express trust, the trust estate shall not descend to his heirs, nor pass to his...
• Section 555.25 Express Trust; Trustee Resignation.
  Upon the petition of any trustee of an express trust, the court of chancery may accept his resignation, and discharge him from the trust,...
• Section 555.26 Express Trust; Trustee Removal.
  Upon the petition or bill of any person interested in the execution of an express trust, and under such regulations as shall be established...
• Section 555.27 Express Trust; Appointment Of New Trustee.
  The chancellor shall have full power to appoint a new trustee, in the place of a trustee resigned or removed; and when, in consequence...
• Section 555.28 Conflicting Provisions.
  If a provision of this chapter conflicts with a provision of article VII of the estates and protected individuals code, 1998 PA 386, MCL...

Last modified: October 10, 2016