Michigan Compiled Laws 386-1998-vii-7 Part 7 Office Of Trustee (700.7701...700.7709)

• Section 700.7701 Acceptance Or Rejection Of Trusteeship.
  (1) Except as otherwise provided in subsection (3), a person designated as trustee accepts the trusteeship by doing either of the following: (a) Substantially...
• Section 700.7702 Trustee's Bond.
  (1) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to...
• Section 700.7703 Cotrustees; Powers And Duties.
  (1) Cotrustees shall act by majority decision. (2) If a vacancy occurs in a cotrusteeship, the remaining cotrustee or cotrustees may act for the...
• Section 700.7704 Vacancy In Trusteeship; Manner Of Filling; Priority; Appointment By Court Of Additional Trustee Or Fiduciary.
  (1) A vacancy in a trusteeship occurs if 1 or more of the following occur: (a) A person designated as trustee rejects the trusteeship....
• Section 700.7705 Resignation Of Trustee; Circumstances; Issuance Of Orders And Conditions; Liability.
  (1) A trustee may resign in either of the following circumstances: (a) Upon at least 28 days' notice to the qualified trust beneficiaries, the...
• Section 700.7706 Removal Of Trustee.
  (1) The settlor, a cotrustee, or a qualified trust beneficiary may request the court to remove a trustee, or a trustee may be removed...
• Section 700.7707 Delivery Of Property By Former Trustee.
  (1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or...
• Section 700.7708 Compensation Of Trustee.
  (1) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the...
• Section 700.7709 Reimbursement Of Expenses; Advance Of Money As Lien; Advances And Reimbursement Not As Self-dealing Or Breach Of Fiduciary Duty.
  (1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for both of the following: (a) Expenses...

Last modified: October 10, 2016