Michigan Compiled Laws 159-2004-5 Article 5 (555.901...555.906)

• Section 555.901 Income Disbursements.
  A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 201(b)(ii) or (iii) applies:...
• Section 555.902 Principal Disbursements.
  (1) A trustee shall make the following disbursements from principal: (a) The remaining 1/2 of the disbursements described in section 501(a) and (b). (b)...
• Section 555.903 Depreciation; Amount Transferred To Principal.
  (1) As used in this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed...
• Section 555.904 Principal Disbursement; Transfer Of Amount To Provide Reserve.
  (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from...
• Section 555.905 Tax Payments.
  (1) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (2) A tax...
• Section 555.906 Income Beneficiaries And Remainder Benefits; Adjustments Between Principal And Income.
  (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and...

Last modified: October 10, 2016