Michigan Compiled Laws Act 148 Of 2008 Personal Property Trust Perpetuities Act (554.91 - 554.94)

AN ACT to exclude certain personal property held in trust from the rule against perpetuities and similar rules that potentially affect the duration of trusts.

History: 2008, Act 148, Imd. Eff. May 28, 2008

Section 554.91 Short Title.
This act shall be known and may be cited as the "personal property trust perpetuities act". History: 2008, Act 148, Imd. Eff. May 28,
Section 554.92 Definitions.
As used in this act: (a) "Fiduciary" means, with respect to a power of appointment, that the power is held by a trustee in...
Section 554.93 Personal Property Held In Trust; Interest In Or Power Of Appointment Over; Validity; Exercise Of Second Power; Determination Under Uniform Statutory Rule Against Perpetuities.
(1) Except as provided in subsection (3), an interest in, or power of appointment over, personal property held in trust is not invalidated by...
Section 554.94 Applicability Of Act To Certain Personal Property; Scope Of Trust.
(1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either...

Last modified: October 10, 2016