Michigan Compiled Laws § 700.7505 Discretionary Trust; Effect Of Standard; Right Of Transferee Or Creditor.

700.7505 Discretionary trust; effect of standard; right of transferee or creditor.

Sec. 7505.

The transferee or creditor of the beneficiary of a discretionary trust provision does not have a right to any amount of trust income or principal that may be distributed only in the exercise of the trustee's discretion, and trust property is not subject to the enforcement of a judgment until income or principal, or both, is distributed directly to the trust beneficiary.

History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC

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Last modified: October 10, 2016