Michigan Compiled Laws 386-1998-vii-9 Part 9 Liability Of Trustees And Rights Of Persons Dealing With Trustee (700.7901...700.7913)

• Section 700.7901 Remedies For Breach Of Trust.
  (1) A violation by a trustee of a duty the trustee owes to a trust beneficiary is a breach of trust. (2) To remedy...
• Section 700.7902 Breach Of Trust; Liability; Damages.
  A trustee who commits a breach of trust is liable to the trust beneficiaries affected for whichever of the following is larger: (a) The...
• Section 700.7903 Damages In Absence Of Breach.
  (1) A trustee is accountable to an affected trust beneficiary for any profit made by the trustee arising from the administration of the trust,...
• Section 700.7904 Attorney Fees And Costs; Receipt Of Expenses And Disbursements; Reduction Or Denial Of Claim With Respect To Breach Of Trust.
  (1) In a proceeding involving the administration of a trust, the court, as justice and equity require, may award costs and expenses, including reasonable...
• Section 700.7905 Commencement Of Proceedings; Limitations.
  (1) The following limitations on commencing proceedings apply in addition to other limitations provided by law: (a) A trust beneficiary shall not commence a...
• Section 700.7906 Reliance On Trust Instrument.
  A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a...
• Section 700.7907 Event Affecting Administration Or Distribution.
  If the happening of an event, including, but not limited to, marriage, divorce, performance of educational requirements, attainment of a specific age, or death,...
• Section 700.7908 Exculpation Of Trustee.
  (1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that either of the...
• Section 700.7909 Beneficiary's Consent, Release, Or Ratification Of Transaction.
  A trustee is not liable to a trust beneficiary for breach of trust if the trust beneficiary consented to the conduct constituting the breach,...
• Section 700.7910 Personal Liability Of Trustee; Limitation.
  (1) Unless otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity...
• Section 700.7911 Interest As General Partner.
  (1) Except as otherwise provided in subsection (3), a trustee who holds an interest as a general partner in a general or limited partnership...
• Section 700.7912 Protection Of Person Dealing With Trustee.
  (1) A person other than a trust beneficiary who in good faith assists a trustee, or who in good faith and for value deals...
• Section 700.7913 Certificate Of Trust.
  (1) Instead of furnishing a copy of the trust instrument to a person other than a trust beneficiary, the trustee may furnish to the...

Last modified: October 10, 2016