reglab/housing_qa huggingface dataset:
MI Comp L § 700.7708 (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-7 - Part 7 Office of Trustee (700.7701...700.7709)|Section 700.7708 - Compensation of Trustee.

700.7708 Compensation of trustee.Sec. 7708.  (1) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.  (2) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if either of the following apply:  (a) The duties of the trustee are substantially different from those contemplated when the trust was created.  (b) The compensation specified by the terms of the trust would be unreasonably low or high. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7709 (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-7 - Part 7 Office of Trustee (700.7701...700.7709)|Section 700.7709 - Reimbursement of Expenses; Advance of Money as Lien; Advances and Reimbursement Not as Self-Dealing or Breach of Fiduciary Duty.

700.7709 Reimbursement of expenses; advance of money as lien; advances and reimbursement not as self-dealing or breach of fiduciary duty.Sec. 7709.  (1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for both of the following:  (a) Expenses that were properly incurred in the administration of the trust.  (b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.  (2) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.  (3) Advances and reimbursement under this section are not considered self-dealing by the trustee and are not a breach of the trustee's fiduciary duty. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7801 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7801 - Administration of Trust; Duties of Trustee.

700.7801 Administration of trust; duties of trustee.Sec. 7801.  Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, expeditiously, in accordance with its terms and purposes, for the benefit of the trust beneficiaries, and in accordance with this article. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7803 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7803 - Impartiality; Use of Standards of Michigan Prudent Investor Rule.

700.7803 Impartiality; use of standards of Michigan prudent investor rule.Sec. 7803.  The trustee shall act as would a prudent person in dealing with the property of another, including following the standards of the Michigan prudent investor rule. If the trustee has special skills or is named trustee on the basis of representation of special skills or expertise, the trustee is under a duty to use those skills. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7808 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7808 - Settlor's Power to Direct Contrary to Trust Terms.

700.7808 Settlor's power to direct contrary to trust terms.Sec. 7808.  While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7809 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7809 - Repealed. 2018, Act 664, Eff. Mar. 29, 2019.

700.7809 Repealed. 2018, Act 664, Eff. Mar. 29, 2019. Compiler's Notes: The repealed section pertained to the exercise of powers by a trust protector.Popular Name: EPIC
MI Comp L § 700.7810 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7810 - Control and Protection of Trust Property.

700.7810 Control and protection of trust property.Sec. 7810.  A trustee shall take reasonable steps to take control of and protect the trust property. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7811 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7811 - Recordkeeping and Identification of Trust Property.

700.7811 Recordkeeping and identification of trust property.Sec. 7811.  (1) A trustee shall keep adequate records of the administration of the trust.  (2) A trustee shall keep trust property separate from the trustee's own property.  (3) Except as otherwise provided in subsection (4), to the extent that property is held by someone other than the trustee, the trustee shall cause the trust's interest in the trust's property to appear in records maintained by the party holding the trust property.  (4) A trustee may do any of the following:  (a) Invest as a whole the property of 2 or more separate trusts, provided the trustee maintains records clearly indicating the respective interests.  (b) Hold trust property in nominee form.  (c) If the trust is revocable by the settlor, cause the trust's interest in the trust's property to appear in records in the manner directed by the settlor.  (d) Not reflect the trust's interest in the trust's property when the nature of the property is such that it is not possible or practicable to do so. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7812 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7812 - Enforcement and Defense of Claims.

700.7812 Enforcement and defense of claims.Sec. 7812.  A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7813 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7813 - Duty to Locate Trust Property and Compel Delivery; Retention of Reserve for Payment of Expenses; Improper Distribution or Payment From Trust; Wrongful Conversion.

700.7813 Duty to locate trust property and compel delivery; retention of reserve for payment of expenses; improper distribution or payment from trust; wrongful conversion.Sec. 7813.  (1) A trustee shall take reasonable steps to locate trust property and to compel a former trustee or other person to deliver trust property to the trustee.  (2) A resigning trustee or a trustee being replaced by a successor may retain a reasonable reserve for the payment of debts, taxes, and expenses, including attorney fees and other expenses incidental to the allowance of the trustee's accounts.  (3) Unless the distribution or payment can no longer be questioned because of adjudication, estoppel, or other limitation, a distributee or claimant that receives property that is improperly distributed or paid from a trust shall return the property and any income and gain from the property since distribution, if the recipient has the property. If the recipient does not have the property, the recipient shall pay the value of the property as of the date of distribution or payment and any income and gain from the property since distribution.  (4) If a person embezzles or wrongfully converts trust property, or refuses, without colorable claim of right, to transfer possession of trust property to the current trustee upon demand, the person is liable in an action brought by the current trustee, or the beneficiary of the trust for the benefit of the trust, for double the value of any property embezzled, converted, or wrongfully withheld from the current trustee. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7816 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7816 - General Powers of Trustee.

700.7816 General powers of trustee.Sec. 7816.  (1) A trustee, without authorization by the court, may exercise all of the following:  (a) Powers conferred by the terms of the trust.  (b) Except as limited by the terms of the trust, all of the following:  (i) All powers over the trust property that an unmarried competent owner has over individually owned property.  (ii) Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property.  (iii) Any other powers conferred by this article.  (2) The exercise of a power is subject to the fiduciary duties prescribed by this article. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7819 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7819 - Tax Matters; Powers of Trustee.

700.7819 Tax matters; powers of trustee.Sec. 7819.  (1) A trustee may do any of the following in connection with a tax matter:  (a) Make, revise, or revoke an available allocation, consent, or election affecting a tax that is appropriate in order to carry out the settlor's estate planning objectives and to reduce the overall burden of taxation, both in the present and in the future. This authority includes, but is not limited to, all of the following:  (i) Electing to take expenses as estate tax or income tax deductions.  (ii) Electing to allocate the exemption from the tax on generation skipping transfers among transfers subject to estate or gift tax.  (iii) Electing to have all or a portion of a transfer for a spouse's benefit qualify for the marital deduction.  (iv) Electing the date of death or an alternate valuation date for federal estate tax purposes.  (b) Exclude or include property from the gross estate for federal estate tax purposes.  (c) Value property for federal estate tax purposes.  (d) Join with the surviving spouse or the surviving spouse's personal representative in the execution and filing of a joint income tax return and consenting to a gift tax return filed by the surviving spouse or the surviving spouse's personal representative.  (2) A trustee's decision on a matter described in subsection (1)(a) binds all beneficiaries.  (3) After making a decision described in subsection (1)(a), a trustee may make compensating adjustments between principal and income in the manner provided by the uniform principal and income act, 2004 PA 159, MCL 555.501 to 555.1005. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7820 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7820 - Payment Provisions; Facility.

700.7820 Payment provisions; facility.Sec. 7820.  (1) A trustee may act under section 7817(ff) by paying money or other property to 1 or more of the following:  (a) The minor or incapacitated individual directly.  (b) A person or institution providing support, maintenance, education, or medical, surgical, hospital, or other institutional care for the minor or incapacitated individual in direct payment for those services.  (c) The legal or natural guardian of the minor or incapacitated individual.  (d) A person, whether or not appointed guardian by a court, who shall in fact have the care and custody of the minor or incapacitated individual.  (e) A custodian for the minor or incapacitated individual under a uniform gifts or transfers to minors act.  (2) A trustee also may manage an amount distributable to a trust beneficiary who is a minor or incapacitated individual as a separate fund on the trust beneficiary's behalf, subject to the trust beneficiary's continuing right to withdraw the distribution.  (3) If the trustee exercises due care in the selection of the person to whom a payment is made under this section, including a minor or incapacitated individual, the trustee does not have a duty to see to the payment's application. The person's receipt for the payment completely discharges the trustee. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7821 (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-8 - Part 8 Duties and Powers of Trustee (700.7801...700.7821)|Section 700.7821 - Distribution Upon Termination.

700.7821 Distribution upon termination.Sec. 7821.  (1) Upon termination or partial termination of a trust, the trustee may send to the trust beneficiaries a proposal for distribution. The right of any trust beneficiary to object to the proposed distribution terminates if the trust beneficiary does not notify the trustee of an objection within 28 days after the proposal was sent, but only if the proposal informed the trust beneficiary of the right to object and of the time allowed for objection.  (2) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, taxes, and expenses, including attorney fees and other expenses incidental to the allowance of the trustee's accounts.  (3) A release by a trust beneficiary of a trustee from liability for breach of trust is invalid to the extent either of the following applies:  (a) The release was induced by improper conduct of the trustee.  (b) The trust beneficiary, at the time of the release, did not know of the material facts relating to the breach. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 ;-- Am. 2010, Act 325, Eff. Apr. 1, 2010 Compiler's Notes: Enacting section 1 of Act 325 of 2010 provides:"Enacting section 1. (1) Except as provided in subsection (2), this amendatory act takes effect April 1, 2010."(2) Section 3207 of the estates and protected individuals code, 1998 PA 386, MCL 700.3207, as amended by this amendatory act, takes effect on the date this amendatory act is enacted into law."Popular Name: EPIC
MI Comp L § 700.7901 (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-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.

700.7901 Remedies for breach of trust.Sec. 7901.  (1) A violation by a trustee of a duty the trustee owes to a trust beneficiary is a breach of trust.  (2) To remedy a breach of trust that has occurred or may occur, the court may do any of the following:  (a) Compel the trustee to perform the trustee's duties.  (b) Enjoin the trustee from committing a breach of trust.  (c) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means.  (d) Order a trustee to account.  (e) Appoint a special fiduciary to take possession of the trust property and administer the trust.  (f) Suspend the trustee.  (g) Remove the trustee as provided in section 7706.  (h) Reduce or deny compensation to the trustee.  (i) Subject to section 7912, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds.  (j) Order any other appropriate relief. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7902 (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-9 - Part 9 Liability of Trustees and Rights of Persons Dealing With Trustee (700.7901...700.7913)|Section 700.7902 - Breach of Trust; Liability; Damages.

700.7902 Breach of trust; liability; damages.Sec. 7902.  A trustee who commits a breach of trust is liable to the trust beneficiaries affected for whichever of the following is larger:  (a) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred.  (b) The profit the trustee made by reason of the breach. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7903 (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-9 - Part 9 Liability of Trustees and Rights of Persons Dealing With Trustee (700.7901...700.7913)|Section 700.7903 - Damages in Absence of Breach.

700.7903 Damages in absence of breach.Sec. 7903.  (1) A trustee is accountable to an affected trust beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.  (2) Absent a breach of trust, a trustee is not liable to a trust beneficiary for a loss or depreciation in the value of trust property, for failure to generate income, or for not having made a profit.  (3) This section does not do either of the following:  (a) Limit a trustee's right to compensation under section 7708 or payments allowed under section 7802(5).  (b) Make a trustee accountable to an affected beneficiary in connection with a matter to which section 4405 of the banking code of 1999, 1999 PA 276, MCL 487.14405, applies and the requirements of that section have been satisfied. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7904 (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-9 - Part 9 Liability of Trustees and Rights of Persons Dealing With Trustee (700.7901...700.7913)|Section 700.7904 - Attorney Fees and Costs; Receipt of Expenses and Disbursements; Reduction or Denial of Claim With Respect to Breach of Trust.

700.7904 Attorney fees and costs; receipt of expenses and disbursements; reduction or denial of claim with respect to breach of trust.Sec. 7904.  (1) In a proceeding involving the administration of a trust, the court, as justice and equity require, may award costs and expenses, including reasonable attorney fees, to any party who enhances, preserves, or protects trust property, to be paid from the trust that is the subject of the proceeding.  (2) Subject to subsection (3), if a trustee participates in a civil action or proceeding in good faith, whether successful or not, the trustee is entitled to receive from trust property all expenses and disbursements including reasonable attorney fees that the trustee incurs in connection with its participation.  (3) A court may reduce or deny a trustee's claim for compensation, expenses, or disbursements with respect to a breach of trust. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
MI Comp L § 700.7905 (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-9 - Part 9 Liability of Trustees and Rights of Persons Dealing With Trustee (700.7901...700.7913)|Section 700.7905 - Commencement of Proceedings; Limitations.

700.7905 Commencement of proceedings; limitations.Sec. 7905.  (1) The following limitations on commencing proceedings apply in addition to other limitations provided by law:  (a) A trust beneficiary shall not commence a proceeding against a trustee for breach of trust more than 1 year after the date the trust beneficiary or a representative of the trust beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the trust beneficiary of the time allowed for commencing a proceeding.  (b) A trust beneficiary who has waived the right to receive reports pursuant to section 7814(5) shall not commence a proceeding for a breach of trust more than 1 year after the end of the calendar year in which the alleged breach occurred.  (2) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the trust beneficiary or representative knows of the potential claim or should have inquired into the potential claim's existence.  (3) If subsection (1) does not apply, a judicial proceeding by a trust beneficiary against a trustee for breach of trust shall be commenced within 5 years after the first of the following to occur:  (a) The removal, resignation, or death of the trustee.  (b) The termination of the trust beneficiary's interest in the trust.  (c) The termination of the trust. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC