Michigan Compiled Laws 386-1998-i-5 Part 5 Prudent Investor Rule (700.1501...700.1512)

• Section 700.1501 Short Title Of Part; Definitions.
  (1) This part shall be known and may be cited as the “Michigan prudent investor rule”. This part prescribes the Michigan prudent investor rule....
• Section 700.1502 Prudent Investor Rule.
  (1) A fiduciary shall invest and manage assets held in a fiduciary capacity as a prudent investor would, taking into account the purposes, terms,...
• Section 700.1503 Portfolio Strategy; Risk And Return Objectives.
  (1) A fiduciary's investment and management decisions with respect to individual assets shall be evaluated not in isolation, but rather in the context of...
• Section 700.1504 Diversification.
  A fiduciary shall diversify the investments of a fiduciary estate unless the fiduciary reasonably determines that, because of special circumstances, the purposes of the...
• Section 700.1505 Duties At Inception.
  Within a reasonable time after accepting appointment as a fiduciary or receiving fiduciary assets, a fiduciary shall review the assets, and make and implement...
• Section 700.1506 Duties Of Fiduciary In Interest Of Beneficiaries.
  A fiduciary shall invest and manage fiduciary assets solely in the interest of the beneficiaries. History: 1998, Act 386, Eff. Apr. 1, 2000 Popular...
• Section 700.1507 Impartiality.
  If a fiduciary estate has 2 or more beneficiaries, the fiduciary shall act impartially in investing, managing, and distributing the fiduciary assets, and shall...
• Section 700.1508 Investment Costs.
  In investing and managing fiduciary assets, a fiduciary may only incur costs that are appropriate and reasonable in relation to the assets, the purposes...
• Section 700.1509 Reviewing Compliance.
  Compliance with the prudent investor rule is determined in light of the facts and circumstances that exist at the time of a fiduciary's decision...
• Section 700.1510 Delegation Of Investment And Management Functions.
  (1) A fiduciary may delegate investment and management functions provided that the fiduciary exercises reasonable care, skill, and caution in all of the following:...
• Section 700.1511 Language Invoking Standard Of Prudent Investor Rule.
  The following terms or similar language in a governing instrument, unless otherwise limited or modified, authorize any investment or strategy permitted under the Michigan...
• Section 700.1512 Application To Existing Fiduciary Estates.
  The Michigan prudent investor rule applies to a fiduciary estate that exists on or is created after this act's effective date. As applied to...

Last modified: October 10, 2016