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Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 28, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 28, 2020 10:00:00 AM


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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 555 - USES AND TRUSTS
R.S. of 1846 ‑ Revised Statutes of 1846 (555.1 - 555.28)
     R‑S‑1846‑555‑1‑63 ‑ CHAPTER 63 Chapter 63. Of Uses And Trusts. (555.1...555.28)
          R‑S‑1846‑555‑1‑63‑USES‑AND‑TRUSTS. ‑ USES AND TRUSTS. (555.1...555.28)
               Section 555.1 ‑ Uses and trusts; extent of abolition; interests deemed legal.
               Section 555.2 ‑ Executed use confirmed as legal estate.
               Section 555.3 ‑ Right to possession deemed legal estate.
               Section 555.4 ‑ Right to possession deemed legal estate; effect on existing active trust.
               Section 555.5 ‑ Passive trust; disposition of lands, trustee interest.
               Section 555.6 ‑ Constructive, resulting or express trusts; preceding sections effect.
               Section 555.7 ‑ Payment of consideration for conveyance to another; resulting trust, alienee title.
               Section 555.8 ‑ Payment of consideration for conveyance to another; presumption as fraudulent; resulting trust for creditors of payee.
               Section 555.9 ‑ Payment of consideration for conveyance to another; fraudulent alienee exemption.
               Section 555.10 ‑ Implied or resulting trust; validity against bona fide purchaser.
               Section 555.11 ‑ Express trust; purpose of creation.
               Section 555.12 ‑ Devise to trustee without power to receive rents and profits; estate of trustee; effect on trust.
               Section 555.13 ‑ Rents and profits; liability of surplus to claims of creditors of beneficiary.
               Section 555.14 ‑ Express trust for unauthorized purpose; estate of trustee; power in trust.
               Section 555.15 ‑ Trust as valid power; land descent.
               Section 555.16 ‑ Express trust; beneficiary, trustee estates, beneficiary right.
               Section 555.17 ‑ Express trust; disposal of land in event of failure or termination of trust.
               Section 555.18 ‑ Express trust; undisposed estate or interest.
               Section 555.19 ‑ Express trust; assignability of interest of beneficiary.
               Section 555.20 ‑ Express trust; omission from conveyance; validity as to subsequent creditor and bona fide purchaser from trustee.
               Section 555.21 ‑ Express trust; mention in instrument; invalidity of certain acts of trustee.
               Section 555.22 ‑ Authorized payment to trustee; protection of payor.
               Section 555.23 ‑ Express trust; termination of estate of trustee.
               Section 555.24 ‑ Express trust; death of all trustees; execution of trust.
               Section 555.25 ‑ Express trust; trustee resignation.
               Section 555.26 ‑ Express trust; trustee removal.
               Section 555.27 ‑ Express trust; appointment of new trustee.
               Section 555.28 ‑ Conflicting provisions.
Act 340 of 1965 ‑ Repealed-THE REVISED UNIFORM PRINCIPAL AND INCOME ACT (555.51 - 555.68)
Act 185 of 1966 ‑ Repealed-IRREVOCABLE INTER VIVOS TRUST INSTRUMENTS (555.81 - 555.84)
Act 174 of 1941 ‑ COLLECTIVE INVESTMENT FUNDS ACT (555.101 - 555.113)
     Section 555.101 ‑ Short title; definitions.
     Section 555.102 ‑ Funds; financial institution may establish, maintain, and administer.
     Section 555.103 ‑ Funds; financial institution may invest as fiduciary.
     Section 555.104 ‑ Funds; establishment and maintenance of plan; provisions; availability for inspection.
     Section 555.104a ‑ Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.
     Section 555.105 ‑ Common trust funds; funds investment.
     Section 555.105a ‑ Interest in fund other than fiduciary; prohibition; restrictions.
     Section 555.106 ‑ Common trust funds; participation; certificate.
     Section 555.107 ‑ Common trust funds; management; control; ownership.
     Section 555.108 ‑ Common trust funds; assets valuation; admission and withdrawal; basis; distribution.
     Section 555.109 ‑ Common trust funds; management fee; expenses.
     Section 555.110 ‑ Common trust funds; mistakes in administration; effect.
     Section 555.111 ‑ Common trust funds; rules regulating administration.
     Section 555.112 ‑ Common trust funds; additional investments.
     Section 555.113 ‑ Common trust funds; court accountings; jurisdiction of probate court.
Act 177 of 1937 ‑ Repealed-TRUST FUND INVESTMENTS (555.201 - 555.203)
Act 193 of 1947 ‑ TRUSTS OF PROPERTY FOR EMPLOYEES (555.301 - 555.302)
     Section 555.301 ‑ Trust of property for employees; effect of rule against perpetuities.
     Section 555.302 ‑ Trusts of property for employees; accumulation of trust income.
Act 19 of 1952 ‑ Repealed-UNIFORM TRUST RECEIPTS ACT (555.401 - 555.419)
Act 56 of 1957 ‑ CORPORATE FIDUCIARY STOCKHOLDERS (555.441 - 555.447)
     Section 555.441 ‑ Corporation as fiduciary or co-fiduciary holding stock or securities in name of nominee; consent of co-fiduciary; endorsement of certificate.
     Section 555.442 ‑ Acts of nominee, federal reserve bank, and clearing corporation deemed acts of corporation acting as fiduciary.
     Section 555.443 ‑ Records of corporation to show ownership of stock or other securities held by corporation as fiduciary; manner of keeping stocks and other securities separate from assets of corporation.
     Section 555.444 ‑ Deposit of securities with federal reserve bank; crediting deposit; designating fiduciary account; records to show ownership of securities held in account; transfer of securities.
     Section 555.445 ‑ Deposit of securities in clearing corporation, bank, or trust company; deposit of securities by clearing corporation, bank, or trust company in another clearing corporation, bank, or trust company; evidence of safety of securities; merging certificates; holding certificates in bulk; transfer of securities; approval of commissioner.
     Section 555.446 ‑ Rules.
     Section 555.447 ‑ Applicability of amendatory act.
Act 83 of 1962 ‑ Repealed-UNIFORM TESTAMENTARY ADDITIONS TO TRUSTS ACT (555.461 - 555.464)
Act 108 of 1968 ‑ Repealed-DISTRIBUTION IN KIND OF PECUNIARY BEQUESTS AND TRUST INTERESTS (555.481 - 555.485)
Act 159 of 2004 ‑ UNIFORM PRINCIPAL AND INCOME ACT (555.501 - 555.1006)
     159‑2004‑1 ‑ ARTICLE 1 (555.501...555.505)
          Section 555.501 ‑ Short title.
          Section 555.502 ‑ Definitions.
          Section 555.503 ‑ Duties of fiduciary; allocation of receipts and disbursements to or between principal and income; discretionary power; impartiality.
          Section 555.504 ‑ Adjustment between principal and income; factors; policy; circumstances prohibiting adjustment; exercise of power by cofiduciary; release of or limitation on power to adjust.
          Section 555.505 ‑ Exercise of discretionary power by fiduciary; limitation on court to order; decision; petition; burden of proof.
     159‑2004‑2 ‑ ARTICLE 2 (555.601...555.602)
          Section 555.601 ‑ Death or termination of trust; duties of fiduciary.
          Section 555.602 ‑ Beneficiary's share of net income; determination; maintenance of records by fiduciary.
     159‑2004‑3 ‑ ARTICLE 3 (555.701...555.703)
          Section 555.701 ‑ Income interest; beginning and ending date; conditions.
          Section 555.702 ‑ Allocation of income receipt or disbursement; occurrence of due date; accrual.
          Section 555.703 ‑ Undistributed income.
     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.
          Section 555.802 ‑ Income; principal; allocation of amounts received as distributions from trust or purchased interest.
          Section 555.803 ‑ Separate accounting for business or other activity.
          Section 555.804 ‑ Principal; allocations.
          Section 555.805 ‑ Receipts from rental property.
          Section 555.806 ‑ Interest received; allocation to income; proceeds of sale; allocation to principal.
          Section 555.807 ‑ Life insurance proceeds; other contracts; allocations.
          Section 555.808 ‑ Insubstantial allocation.
          Section 555.809 ‑ Definitions; payment allocation.
          Section 555.810 ‑ Liquidating asset; allocation of receipts.
          Section 555.811 ‑ Receipts from minerals, water, or other natural resources; allocations.
          Section 555.812 ‑ Net receipts from sale of timber; allocations.
          Section 555.813 ‑ Marital deduction; insufficient income from or use of trust assets; actions to be taken by trustee.
          Section 555.814 ‑ Derivative transactions; gain or loss realized from exercise of option; allocations.
          Section 555.815 ‑ Asset-backed security; allocation of payments.
     159‑2004‑5 ‑ ARTICLE 5 (555.901...555.906)
          Section 555.901 ‑ Income disbursements.
          Section 555.902 ‑ Principal disbursements.
          Section 555.903 ‑ Depreciation; amount transferred to principal.
          Section 555.904 ‑ Principal disbursement; transfer of amount to provide reserve.
          Section 555.905 ‑ Tax payments.
          Section 555.906 ‑ Income beneficiaries and remainder benefits; adjustments between principal and income.
     159‑2004‑6 ‑ ARTICLE 6 (555.1001...555.1006)
          Section 555.1001 ‑ Application and construction of act.
          Section 555.1002 ‑ Severability.
          Section 555.1003 ‑ Repeal of MCL 555.51 to 555.68.
          Section 555.1004 ‑ Effective date.
          Section 555.1005 ‑ Applicability to trust or estate on effective date of act.
          Section 555.1006 ‑ Applicability of MCL 555.409 to certain trusts; dates.

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