Michigan Compiled Laws 159-2004-4 Article 4 (555.801...555.815)

• Section 555.801 “entity” Defined; Allocation To Income Money Received; Allocation Of Receipts To Principal; Money Received In Partial Liquidation; Limitation; Statement By Entity On Source Or Character Of Distribution.
  (1) As used in this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund,...
• Section 555.802 Income; Principal; Allocation Of Amounts Received As Distributions From Trust Or Purchased Interest.
  A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust...
• Section 555.803 Separate Accounting For Business Or Other Activity.
  (1) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to...
• Section 555.804 Principal; Allocations.
  A trustee shall allocate to principal all of the following: (a) To the extent not allocated to income under this act, assets received from...
• Section 555.805 Receipts From Rental Property.
  To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount...
• Section 555.806 Interest Received; Allocation To Income; Proceeds Of Sale; Allocation To Principal.
  (1) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee,...
• Section 555.807 Life Insurance Proceeds; Other Contracts; Allocations.
  (1) Except as otherwise provided in subsection (2), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract...
• Section 555.808 Insubstantial Allocation.
  If a trustee determines that an allocation between principal and income required by section 409, 410, 411, 412, or 415 is insubstantial, the trustee...
• Section 555.809 Definitions; Payment Allocation.
  (1) As used in this section: (a) "Payment" means a payment that a trustee may receive over a fixed number of years or during...
• Section 555.810 Liquidating Asset; Allocation Of Receipts.
  (1) As used in this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce...
• Section 555.811 Receipts From Minerals, Water, Or Other Natural Resources; Allocations.
  (1) Except as provided in subsection (4), to the extent that a trustee accounts for receipts from an interest in minerals or other natural...
• Section 555.812 Net Receipts From Sale Of Timber; Allocations.
  (1) Except as provided in subsection (4), to the extent that a trustee accounts for receipts from the sale of timber and related products...
• Section 555.813 Marital Deduction; Insufficient Income From Or Use Of Trust Assets; Actions To Be Taken By Trustee.
  (1) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide...
• Section 555.814 Derivative Transactions; Gain Or Loss Realized From Exercise Of Option; Allocations.
  (1) As used in this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments that gives a...
• Section 555.815 Asset-backed Security; Allocation Of Payments.
  (1) As used in this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive...

Last modified: October 10, 2016