reglab/housing_qa huggingface dataset:
MI Comp L § 700.7416 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-4 - Part 4 Creation, Validity, Modification, and Termination of Trust (700.7401...700.7417)|Section 700.7416 - Modification to Achieve Settlor's Tax Objectives; Retroactive Effect.

700.7416 Modification to achieve settlor's tax objectives; retroactive effect.Sec. 7416.  To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7417 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-4 - Part 4 Creation, Validity, Modification, and Termination of Trust (700.7401...700.7417)|Section 700.7417 - Division or Consolidation of Trusts.

700.7417 Division or consolidation of trusts.Sec. 7417.  (1) After notice to the qualified trust beneficiaries and to the holders of powers of appointment, a trustee may divide trust property into 2 or more separate portions or trusts and allocate property between them if the trusts have substantially identical terms and conditions or if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust.  (2) After notice to the qualified trust beneficiaries and to the holders of powers of appointment, a trustee may consolidate 2 or more trusts and administer them as 1 trust if the trusts have substantially identical terms and conditions or if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust. If the rule against perpetuities speaks from different dates with reference to the trusts or if there are other variations in terms, consolidation may still take place, but the property of the trusts shall be maintained in separate accounts if necessary to recognize and give effect to the differences. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7501 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7501 - Application; Purposes.

700.7501 Application; purposes.Sec. 7501.  This part applies to a creditor's or transferee's claims with respect to spendthrift, support, and discretionary trusts. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2000, Act 54, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7502 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7502 - Spendthrift Provision.

700.7502 Spendthrift provision.Sec. 7502.  (1) A spendthrift provision is valid and enforceable.  (2) A term of a trust providing that the interest of a trust beneficiary is held subject to a "spendthrift trust," or words of similar import, restrains both voluntary and involuntary transfer of the trust beneficiary's interest.  (3) Except as provided in sections 7504, 7506, and 7507, the trust beneficiary's interest in a trust may not be transferred in violation of a valid spendthrift provision and trust property is not subject to enforcement of a judgment until distributed directly to the trust beneficiary.  (4) Notwithstanding the existence of a spendthrift provision in the terms of the trust, a trustee is not liable to the beneficiaries of the trust for making a distribution to which a trust beneficiary is otherwise entitled pursuant to the direction of the trust beneficiary. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2005, Act 204, Imd. Eff. Nov. 10, 2005 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7503 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7503 - Trust for Support.

700.7503 Trust for support.Sec. 7503.  (1) The interest of a trust beneficiary that is subject to a support provision may not be transferred and the trust property is not subject to the enforcement of a judgment until income or principal, or both, is distributed directly to the trust beneficiary. After a distribution to a trust beneficiary whose interest is subject to a support provision, the income and principal distributed are subject to the enforcement of a judgment only to the extent that the income or principal, or both, is not necessary for the health, education, support, or maintenance of the trust beneficiary.  (2) The use or enjoyment of trust property by a trust beneficiary whose interest is subject to a support provision may not be transferred and is not subject to the enforcement of a judgment against the trust beneficiary.  (3) Subsections (1) and (2) do not apply under circumstances described in section 7504, 7506, or 7507. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2000, Act 177, Imd. Eff. June 20, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7504 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7504 - Spendthrift Provision or Support Provision; Exceptions; "Child" Defined.

700.7504 Spendthrift provision or support provision; exceptions; "child" defined.Sec. 7504.  (1) The interest of a trust beneficiary that is subject to a spendthrift provision, a support provision, or both may be reached in satisfaction of an enforceable claim against the trust beneficiary by any of the following:  (a) A trust beneficiary's child or former spouse who has a judgment or court order against the trust beneficiary for support or maintenance.  (b) A judgment creditor who has provided services that enhance, preserve, or protect a trust beneficiary's interest in the trust.  (c) This state or the United States.  (2) The court shall order the trustee to satisfy all or part of a judgment described in subsection (1) only out of all or part of distributions of income or principal as they become due.  (3) Notwithstanding that the terms of the trust include a spendthrift provision, this section does not apply to the interest of a trust beneficiary that is subject to a discretionary trust provision.  (4) As used in this section, "child" includes any person for whom an order or judgment for child support has been entered in this or another state. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7505 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7505 - Discretionary Trust; Effect of Standard; Right of Transferee or Creditor.

700.7505 Discretionary trust; effect of standard; right of transferee or creditor.Sec. 7505.  The transferee or creditor of the beneficiary of a discretionary trust provision does not have a right to any amount of trust income or principal that may be distributed only in the exercise of the trustee's discretion, and trust property is not subject to the enforcement of a judgment until income or principal, or both, is distributed directly to the trust beneficiary. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7506 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7506 - Creditor's Claim Against Settlor; "Settlor" Explained.

700.7506 Creditor's claim against settlor; "settlor" explained.Sec. 7506.  (1) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:  (a) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors.  (b) After the death of a settlor, and subject to the settlor's right to direct the source from which liabilities will be paid, the property of a trust that at the settlor's death was revocable by the settlor, either alone or in conjunction with another person, is subject to expenses, claims, and allowances as provided in section 7605.  (c) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach no more than the lesser of the following:  (i) The claim of the creditor or assignee.  (ii) The maximum amount that can be distributed to or for the settlor's benefit exclusive of sums to pay the settlor's taxes during the settlor's lifetime.  (2) If a trust has more than 1 settlor, the amount a creditor or assignee of a particular settlor may reach under subsection (1)(c) shall not exceed the settlor's interest in the portion of the trust attributable to that settlor's contribution.  (3) A trust beneficiary is not considered a settlor merely because of a lapse, waiver, or release of a power of withdrawal over the trust property.  (4) An individual who creates a trust shall not be considered a settlor with regard to the individual's retained beneficial interest in the trust that follows the termination of the individual's spouse's prior beneficial interest in the trust if all of the following apply:  (a) The individual creates, or has created, the trust for the benefit of the individual's spouse.  (b) The trust is treated as qualified terminable interest property under section 2523(f) of the internal revenue code, 26 USC 2523.  (c) The individual retains a beneficial interest in the trust income, trust principal, or both, which beneficial interest follows the termination of the individual's spouse's prior beneficial interest in the trust. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7507 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7507 - Overdue Distribution; "Mandatory Distribution" Defined.

700.7507 Overdue distribution; "mandatory distribution" defined.Sec. 7507.  (1) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a trust beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the trust beneficiary within a reasonable time after the designated distribution date.  (2) As used in this section, "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a trust beneficiary under the terms of the trust, including a distribution upon termination of the trust. Mandatory distribution does not include a distribution subject to the exercise of the trustee's discretion even if either of the following applies:  (a) The direction is expressed in the form of a standard of distribution.  (b) The terms of the trust authorizing a distribution use language of discretion and language of direction. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2000, Act 54, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7508 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7508 - Personal Obligations of Trustee.

700.7508 Personal obligations of trustee.Sec. 7508.  Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2000, Act 177, Imd. Eff. June 20, 2000 ;-- Am. 2005, Act 204, Imd. Eff. Nov. 10, 2005 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7509-700.7511 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-5 - Part 5 Creditor's Claims; Spendthrift, Support, and Discretionary Trusts (700.7501...700.7511)|Section 700.7509-700.7511 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010.

700.7509-700.7511 Repealed. 2009, Act 46, Eff. Apr. 1, 2010. Compiler's Notes: The repealed sections pertained to secured claims, claims not due, contingent claims, liquidated claims, and counterclaims.Popular Name: EPIC
MI Comp L § 700.7601 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-6 - Part 6 Revocable Trusts (700.7601...700.7615)|Section 700.7601 - Capacity of Settlor of Revocable Trust.

700.7601 Capacity of settlor of revocable trust.Sec. 7601.  The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7603 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-6 - Part 6 Revocable Trusts (700.7601...700.7615)|Section 700.7603 - Powers of Settlor; Exceptions; Settlor as Incapacitated Individual; Powers of Withdrawal; Actions by Predecessor Trustee.

700.7603 Powers of settlor; exceptions; settlor as incapacitated individual; powers of withdrawal; actions by predecessor trustee.Sec. 7603.  (1) Subject to subsection (2), while a trust is revocable, rights of the trust beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. This subsection does not apply to either of the following:  (a) A trust created by the exercise of a power described in section 7820a.  (b) A trust created by the exercise of a power of appointment held by a trustee in a fiduciary capacity.  (2) If the trustee reasonably believes that the settlor of a revocable trust is an incapacitated individual, the trustee shall keep the settlor's designated agent or, if there is no designated agent or if the sole agent is a trustee, each beneficiary who, if the settlor were then deceased, would be a qualified trust beneficiary informed of the existence of the trust and reasonably informed of its administration.  (3) While a trust is not revocable and while a person has a currently exercisable power of withdrawal over the entire principal of the trust, the duties of a trustee are owed exclusively to the person.  (4) A person who succeeds to the position of trustee of a revocable trust upon the death, resignation, or incapacity of a trustee who was also the trust settlor is not liable for an action of the settlor while the settlor was serving as trustee.  (5) With respect to a predecessor trustee who was also the settlor, the successor trustee has no responsibility to investigate a transaction by the predecessor trustee, to review an account, to review an action of the predecessor trustee, or to take action for a breach of trust by the predecessor trustee. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 ;-- Am. 2012, Act 483, Imd. Eff. Dec. 28, 2012 Popular Name: EPIC
MI Comp L § 700.7604 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-6 - Part 6 Revocable Trusts (700.7601...700.7615)|Section 700.7604 - Proceeding to Contest Validity of Revocable Trust; Limitation; Distribution of Property; Liability.

700.7604 Proceeding to contest validity of revocable trust; limitation; distribution of property; liability.Sec. 7604.  (1) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of the following:  (a) Two years after the settlor's death.  (b) Six months after the trustee sent the person a notice informing the person of all of the following:  (i) The trust's existence.  (ii) The date of the trust instrument.  (iii) The date of any amendments known to the trustee.  (iv) A copy of relevant portions of the terms of the trust that describe or affect the person's interest in the trust, if any.  (v) The settlor's name.  (vi) The trustee's name and address.  (vii) The time allowed for commencing a proceeding.  (2) Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless either of the following applies:  (a) The trustee knows of a pending judicial proceeding contesting the validity of the trust.  (b) A potential contestant has notified the trustee in writing of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within 63 days after the contestant sent the notification.  (3) A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7605 (2021)
2021 Michigan Compiled Laws|Chapter 700 - Estates and Protected Individuals Code|Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)|Article VII - Michigan Trust Code (700.7101...700.7913)|386-1998-VII-6 - Part 6 Revocable Trusts (700.7601...700.7615)|Section 700.7605 - Liability of Trust for Expenses, Claims, and Allowances.

700.7605 Liability of trust for expenses, claims, and allowances.Sec. 7605.  (1) The property of a trust over which the settlor has the right without regard to the settlor's mental capacity, at his or her death, either alone or in conjunction with another person, to revoke the trust and revest principal in himself or herself is subject to all of the following, but only to the extent that the settlor's property subject to probate administration is insufficient to satisfy the following expenses, claims, and allowances:  (a) The administration expenses of the settlor's estate.  (b) An enforceable and timely presented claim of a creditor of the settlor, including a claim for the settlor's funeral and burial expenses.  (c) Homestead, family, and exempt property allowances.  (2) A trust established as part of, and all payments from, an employee annuity described in section 403 of the internal revenue code, 26 USC 403, an individual retirement account described in section 408 of the internal revenue code, 26 USC 408, a Keogh, or HR-10, plan, or a retirement or other plan that is qualified under section 401 of the internal revenue code, 26 USC 401, shall not be considered to be a trust described in subsection (1).  (3) This section does not impair a right that an individual has under a qualified domestic relations order as that term is defined in section 414(p) of the internal revenue code, 26 USC 414.  (4) For purposes of this section, property held or received by a trust to the extent that the property would not have been subject to a claim against the settlor's estate if it had been paid directly to a trust created under the settlor's will or other than to the settlor's estate, or property received from a trust other than a trust described in this section, shall not be considered trust property available for the payment of the administration expenses, a claim against the settlor's estate, or an allowance described in subsection (1). History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC