Michigan Compiled Laws 386-1998-vii-5 Part 5 Creditor's Claims; Spendthrift, Support, And Discretionary Trusts (700.7501...700.7511)

• Section 700.7501 Application; Purposes.
  This part applies to a creditor's or transferee's claims with respect to spendthrift, support, and discretionary trusts. History: 1998, Act 386, Eff. Apr. 1,...
• Section 700.7502 Spendthrift Provision.
  (1) A spendthrift provision is valid and enforceable. (2) A term of a trust providing that the interest of a trust beneficiary is held...
• Section 700.7503 Trust For Support.
  (1) The interest of a trust beneficiary that is subject to a support provision may not be transferred and the trust property is not...
• Section 700.7504 Spendthrift Provision Or Support Provision; Exceptions; "Child" Defined.
  (1) The interest of a trust beneficiary that is subject to a spendthrift provision, a support provision, or both may be reached in satisfaction...
• Section 700.7505 Discretionary Trust; Effect Of Standard; Right Of Transferee Or Creditor.
  The transferee or creditor of the beneficiary of a discretionary trust provision does not have a right to any amount of trust income or...
• Section 700.7506 Creditor's Claim Against Settlor; "Settlor" Explained.
  (1) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (a) During the lifetime of the settlor,...
• Section 700.7507 Overdue Distribution; "Mandatory Distribution" Defined.
  (1) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a trust beneficiary may reach a mandatory distribution of...
• Section 700.7508 Personal Obligations Of Trustee.
  Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. History: 1998, Act 386, Eff....
• Section 700.7509-700.7511 Repealed. 2009, Act 46, Eff. Apr. 1, 2010.
  Compiler's Notes: The repealed sections pertained to secured claims, claims not due, contingent claims, liquidated claims, and counterclaims.Popular Name: EPIC

Last modified: October 10, 2016