reglab/housing_qa huggingface dataset:
MI Comp L § 555.811 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 4 - (555.801...555.815)|Section 555.811 - Receipts From Minerals, Water, or Other Natural Resources; Allocations.

555.811 Receipts from minerals, water, or other natural resources; allocations. Sec. 411.  (1) Except as provided in subsection (4), to the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:  (a) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income.  (b) If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal.  (c) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, 90% must be allocated to principal and the balance to income.  (d) If an amount is received from a working interest or any other interest not provided for in subdivision (a), (b), or (c), 90% of the net amount received must be allocated to principal and the balance to income.  (2) Except as provided in subsection (4), a trustee shall allocate to income an amount received on account of an interest in water that is renewable. If the interest in water is not renewable, the trustee shall allocate 90% of the amount to principal and the balance to income.  (3) This act applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.  (4) If a trust owns an interest in minerals, water, or other natural resources on the effective date of this act, the trustee may allocate receipts from the interest as provided in this act or in the manner used by the trustee before the effective date of this act. If the trust acquires an interest in minerals, water, or other natural resources after the effective date of this act, the trustee shall allocate receipts from the interest as provided in this act. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.812 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 4 - (555.801...555.815)|Section 555.812 - Net Receipts From Sale of Timber; Allocations.

555.812 Net receipts from sale of timber; allocations. Sec. 412.  (1) Except as provided in subsection (4), to the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts as follows:  (a) To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest.  (b) To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber.  (c) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in subdivisions (a) and (b).  (d) To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to subdivision (a), (b), or (c).  (2) In determining net receipts to be allocated pursuant to subsection (1), a trustee may deduct and transfer to principal a reasonable amount for depletion.  (3) This act applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.  (4) If a trust owns an interest in timberland on the effective date of this act, the trustee may allocate net receipts from the sale of timber and related products as provided in this act or in the manner used by the trustee before the effective date of this act. If the trust acquires an interest in timberland after the effective date of this act, the trustee shall allocate net receipts from the sale of timber and related products as provided in this act. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.813 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 4 - (555.801...555.815)|Section 555.813 - Marital Deduction; Insufficient Income From or Use of Trust Assets; Actions to Be Taken by Trustee.

555.813 Marital deduction; insufficient income from or use of trust assets; actions to be taken by trustee. Sec. 413.  (1) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under section 104 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by section 104(1). The trustee may decide which action or combination of actions to take.  (2) In cases not governed by subsection (1), proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.814 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 4 - (555.801...555.815)|Section 555.814 - Derivative Transactions; Gain or Loss Realized From Exercise of Option; Allocations.

555.814 Derivative transactions; gain or loss realized from exercise of option; allocations. Sec. 414.  (1) As used in this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.  (2) To the extent that a trustee accounts for transactions in derivatives under this section, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.  (3) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.815 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 4 - (555.801...555.815)|Section 555.815 - Asset-Backed Security; Allocation of Payments.

555.815 Asset-backed security; allocation of payments. Sec. 415.  (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 distributions from the proceeds of financial assets that provide collateral for the security. Asset-backed security includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. Asset-backed security does not include an asset to which section 401 or 409 applies.  (2) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets of an asset-backed security, the trustee shall allocate to income the portion of the payment that the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.  (3) If a trust receives 1 or more payments in exchange for the trust's entire interest in an asset-backed security in 1 accounting period, the trustee shall allocate the payments to principal. If a payment is 1 of a series of payments that will result in the liquidation of the trust's interest in the security over more than 1 accounting period, the trustee shall allocate 10% of the payment to income and the balance to principal. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.901 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 5 - (555.901...555.906)|Section 555.901 - Income Disbursements.

555.901 Income disbursements. Sec. 501.  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:  (a) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee.  (b) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests.  (c) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest.  (d) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.902 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 5 - (555.901...555.906)|Section 555.902 - Principal Disbursements.

555.902 Principal disbursements. Sec. 502.  (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) All of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale.  (c) Payments on the principal of a trust debt.  (d) Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property.  (e) Premiums paid on a policy of insurance not described in section 501(d) of which the trust is the owner and beneficiary.  (f) Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust.  (g) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.  (2) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.903 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 5 - (555.901...555.906)|Section 555.903 - Depreciation; Amount Transferred to Principal.

555.903 Depreciation; amount transferred to principal. Sec. 503.  (1) As used in this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than 1 year.  (2) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer an amount for depreciation as follows:  (a) An amount for that portion of real property used or available for use by a beneficiary as a residence or an amount for tangible personal property held or made available for the personal use or enjoyment of a beneficiary.  (b) An amount during the administration of a decedent's estate.  (c) An amount under this section, if the trustee is accounting under section 403 for the business or other activity in which the asset is used.  (3) An amount transferred to principal need not be held as a separate fund. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.904 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 5 - (555.901...555.906)|Section 555.904 - Principal Disbursement; Transfer of Amount to Provide Reserve.

555.904 Principal disbursement; transfer of amount to provide reserve. Sec. 504.  (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in 1 or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.  (2) Principal disbursements to which subsection (1) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:  (a) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs.  (b) A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments.  (c) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions.  (d) Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments.  (e) Disbursements described in section 502(1)(g).  (3) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (1). History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.905 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 5 - (555.901...555.906)|Section 555.905 - Tax Payments.

555.905 Tax payments.Sec. 505.  (1) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.  (2) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.  (3) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid as follows:  (a) From income to the extent that receipts from the entity are allocated only to income.  (b) From principal to the extent that receipts from the entity are allocated only to principal.  (c) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal.  (d) From principal to the extent that the tax exceeds the total receipts from the entity.  (4) After applying subsections (1) to (3), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary. History: 2004, Act 159, Eff. Sept. 1, 2004 ;-- Am. 2012, Act 302, Eff. Mar. 28, 2013
MI Comp L § 555.906 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 5 - (555.901...555.906)|Section 555.906 - Income Beneficiaries and Remainder Benefits; Adjustments Between Principal and Income.

555.906 Income beneficiaries and remainder benefits; adjustments between principal and income. Sec. 506.  (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from 1 or more of the following:  (a) Elections and decisions, other than those described in subsection (2), that the fiduciary makes from time to time regarding tax matters.  (b) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust.  (c) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.  (2) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement shall equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.1001 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 6 - (555.1001...555.1006)|Section 555.1001 - Application and Construction of Act.

555.1001 Application and construction of act. Sec. 601.  In applying and construing this act, consideration shall be given to the need to promote uniformity of the law with respect to the subject matter of this act among states that enact it. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.1002 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 6 - (555.1001...555.1006)|Section 555.1002 - Severability.

555.1002 Severability. Sec. 602.  If any provision of this act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this act that can be given effect without the invalid provision or application, and to this end the provisions of this act are severable. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.1003 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 6 - (555.1001...555.1006)|Section 555.1003 - Repeal of MCL 555.51 to 555.68.

555.1003 Repeal of MCL 555.51 to 555.68. Sec. 603.  The revised uniform principal and income act, 1965 PA 340, MCL 555.51 to 555.68, is repealed. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.1004 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 6 - (555.1001...555.1006)|Section 555.1004 - Effective Date.

555.1004 Effective date. Sec. 604.  This act takes effect September 1, 2004. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.1005 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 6 - (555.1001...555.1006)|Section 555.1005 - Applicability to Trust or Estate on Effective Date of Act.

555.1005 Applicability to trust or estate on effective date of act. Sec. 605.  This act applies to each trust or decedent's estate existing on the effective date of this act except as otherwise expressly provided in the will or terms of the trust or in this act. History: 2004, Act 159, Eff. Sept. 1, 2004
MI Comp L § 555.1006 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 159 of 2004 - Uniform Principal and Income Act (555.501 - 555.1006)|Article 6 - (555.1001...555.1006)|Section 555.1006 - Applicability of MCL 555.409 to Certain Trusts; Dates.

555.1006 Applicability of MCL 555.409 to certain trusts; dates.Sec. 606.  Section 409 applies to a trust described in section 409(4) on and after the following dates:  (a) If the trust is not funded as of the effective date of the amendatory act that added this section, the date of the decedent's death.  (b) If the trust is initially funded beginning January 1 of the calendar year in which the amendatory act that added this section takes effect, the date of the decedent's death.  (c) If the trust is not described in subdivision (a) or (b), January 1 of the calendar year in which the amendatory act that added this section takes effect. History: Add. 2012, Act 302, Eff. Mar. 28, 2013
MI Comp L § 560.101 (2021)
2021 Michigan Compiled Laws|Chapter 560 - Subdivision Control Act of 1967|Act 288 of 1967 - Land Division Act (560.101 - 560.293)|288-1967-GENERAL-PROVISIONS - General Provisions (560.101...560.109b)|Section 560.101 - Short Title.

560.101 Short title. Sec. 101.  This act shall be known and may be cited as the “land division act”. History: 1967, Act 288, Eff. Jan. 1, 1968 ;-- Am. 1996, Act 591, Eff. Mar. 31, 1997 Compiler's Notes: For transfer of powers and duties of the State Treasurer relative to subdivision control to the Department of Commerce, see E.R.O. No. 1980-1, compiled at MCL 16.732 of the Michigan Compiled Laws.Popular Name: Plat ActPopular Name: Subdivision Control