reglab/housing_qa huggingface dataset:
MI Comp L § 555.105 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.105 - Common Trust Funds; Funds Investment.

555.105 Common trust funds; funds investment.Sec. 5.  A financial institution may invest and reinvest the assets of a fund in accordance with the plan for that fund. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.105 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.105a (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.105a - Interest in Fund Other Than Fiduciary; Prohibition; Restrictions.

555.105a Interest in fund other than fiduciary; prohibition; restrictions.Sec. 5a.  (1) A financial institution administering a fund shall not have an interest in that fund other than in its fiduciary capacity. If, because of a creditor relationship or otherwise, a financial institution acquires an interest in a participating account, the financial institution shall withdraw the participating account from the fund on the next withdrawal date. However, a financial institution may invest assets that it holds as fiduciary for its own employees in a fund.  (2) A financial institution administering a common trust fund or a collective investment fund shall not make any loan secured by a participant's interest in the fund. An unsecured advance to a fiduciary account participating in the fund until the time of the next valuation date does not constitute the acquisition of an interest in a participating account by the financial institution.  (3) A financial institution administering a fund may purchase for its own account any defaulted investment held by the fund rather than segregating the investment as provided in section 8, if, in the judgment of the financial institution, the cost of segregating the investment is excessive in light of the market value of the investment. If a financial institution elects to purchase a defaulted investment, it shall purchase it for its market value or the sum of cost and accrued unpaid interest on the defaulted investment, whichever is greater. History: Add. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.106 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.106 - Common Trust Funds; Participation; Certificate.

555.106 Common trust funds; participation; certificate.Sec. 6.  (1) A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund, except to provide a withdrawing account with a record of an interest in a segregated investment.  (2) An account owning or holding an investment or participation in a fund has a proportionate undivided interest in the fund's assets. The account does not have individual ownership of any asset in the fund. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.106 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.107 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.107 - Common Trust Funds; Management; Control; Ownership.

555.107 Common trust funds; management; control; ownership.Sec. 7.  A financial institution has exclusive management and control of a fund administered by it and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising the fund. Exclusive management and control include, but are not limited to, the right to delegate responsibilities to others to the extent a fiduciary may delegate responsibilities under the laws of this state. The ownership of assets in a fund by a financial institution is solely as a fiduciary. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.107 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.108 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.108 - Common Trust Funds; Assets Valuation; Admission and Withdrawal; Basis; Distribution.

555.108 Common trust funds; assets valuation; admission and withdrawal; basis; distribution.Sec. 8.  (1) A financial institution administering a fund that is not invested primarily in real estate or other assets that are not readily marketable shall determine the value of the fund's assets at least every 3 months. A financial institution administering a fund that is invested primarily in real estate or other assets that are not readily marketable shall determine the value of the fund's assets at least once a year. A financial institution administering a fund shall admit an account to or withdraw an account from the fund only on the basis of a valuation described in this section.  (2) A financial institution administering a fund may admit an account to or withdraw an account from the fund only if the financial institution has approved a notice for or a notice of intention of taking that action on or before the valuation date on which the admission or withdrawal is based. A request or notice shall not be canceled or countermanded after the valuation date.  (3) A financial institution administering a fund shall make distributions to accounts withdrawing from the fund in cash, ratably in kind, in a combination of cash and ratably in kind, or in any other manner consistent with applicable law in the state in which the financial institution maintains the fund. If an investment is withdrawn in kind from a fund for the benefit of all participants in the fund at the time of the withdrawal but the investment is not distributed ratably in kind, the financial institution shall segregate and administer the investment for the benefit ratably of all participants in the fund at the time of withdrawal. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.108 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.109 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.109 - Common Trust Funds; Management Fee; Expenses.

555.109 Common trust funds; management fee; expenses.Sec. 9.  (1) A financial institution administering a fund may charge a reasonable management fee that does not exceed an amount equal to the value of legitimate services of tangible benefit to the participating accounts that would not have been provided to the accounts were they not invested in the fund.  (2) A financial institution administering a fund may charge reasonable expenses incurred in operating the fund.  (3) A financial institution shall pay the cost of establishing or reorganizing a fund.  (4) A financial institution may deduct the fee and expenses allowed under subsections (1) and (2) from the fund or from the participating accounts in proportion to their interests in the fund. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.109 ;-- Am. 1986, Act 23, Imd. Eff. Mar. 10, 1986 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.110 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.110 - Common Trust Funds; Mistakes in Administration; Effect.

555.110 Common trust funds; mistakes in administration; effect.Sec. 10.  A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a violation of this act or any rules or regulations issued under this act, if promptly after discovery of the mistake the financial institution takes whatever action is reasonable under the circumstances to remedy the mistake. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.110 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.111 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.111 - Common Trust Funds; Rules Regulating Administration.

555.111 Common trust funds; rules regulating administration.Sec. 11.  The commissioner of the office of financial and insurance services may promulgate and enforce rules regulating the administration of funds under this act pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.111 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.113 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.113 - Common Trust Funds; Court Accountings; Jurisdiction of Probate Court.

555.113 Common trust funds; court accountings; jurisdiction of probate court.Sec. 13.  Unless ordered by a court of competent jurisdiction, a financial institution administering a fund is not required to provide an accounting to a court with regard to the fund. By application to the state probate court with jurisdiction for a county in this state where the financial institution has its principal office, a financial institution may secure approval of an accounting under the conditions established by the court. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.113 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.301 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|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.

555.301 Trust of property for employees; effect of rule against perpetuities. Sec. 1.  A trust of any kind of property created by an employer as part of a stock bonus plan, pension plan, disability or death benefit plan, or profit-sharing plan, for the exclusive benefit of some or all of his employees, to which contributions are made by such employer or employees, or both, for the purpose of distributing to such employees the earnings or the principal, or both earnings and principal, of the fund so held in trust, shall not be deemed to be invalid as violating the so-called rule against perpetuities, any other existing law against perpetuities or any law restricting or limiting the duration of trusts; but such a trust may continue for such time as may be necessary to accomplish the purposes for which it was created. History: 1947, Act 193, Eff. Oct. 11, 1947 ;-- CL 1948, 555.301 ;-- Am. 1951, Act 61, Eff. Sept. 28, 1951
MI Comp L § 555.302 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 193 of 1947 - Trusts of Property for Employees (555.301 - 555.302)|Section 555.302 - Trusts of Property for Employees; Accumulation of Trust Income.

555.302 Trusts of property for employees; accumulation of trust income. Sec. 2.  The income arising from any trust within the classifications mentioned in the preceding section may be permitted to accumulate in accordance with the terms of such trust for as long a time as may be necessary to accomplish the purposes for which the same was created, notwithstanding any existing law or laws limiting the period during which trust income may be accumulated. History: 1947, Act 193, Eff. Oct. 11, 1947 ;-- CL 1948, 555.302
MI Comp L § 555.441 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|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.

555.441 Corporation as fiduciary or co-fiduciary holding stock or securities in name of nominee; consent of co-fiduciary; endorsement of certificate. Sec. 1.  In the absence of a direction to the contrary contained in any will or other instrument transferring shares of stock or other securities to a corporation acting as trustee, executor, administrator, whether special, general, ancillary, with the will annexed or de bonis non, agent or guardian, whether special or general, the corporation when acting as the fiduciary or when acting as co-fiduciary, with the consent of its co-fiduciary, may hold the same in the name of a nominee employed by the corporation and responsible to the corporation without mention of the trust in the certificate representing the shares of stock or other securities, or the registration book for the stock or other securities. The co-fiduciaries are authorized to give the consent herein required. The nominee, upon the request of the corporation, shall indorse the certificate representing shares of stock or other securities in blank or by assignment separate from the certificate. History: 1957, Act 56, Eff. Sept. 27, 1957 ;-- Am. 1958, Act 151, Eff. Sept. 13, 1958 ;-- Am. 1972, Act 149, Imd. Eff. May 26, 1972 ;-- Am. 1975, Act 310, Imd. Eff. Dec. 22, 1975
MI Comp L § 555.442 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 56 of 1957 - Corporate Fiduciary Stockholders (555.441 - 555.447)|Section 555.442 - Acts of Nominee, Federal Reserve Bank, and Clearing Corporation Deemed Acts of Corporation Acting as Fiduciary.

555.442 Acts of nominee, federal reserve bank, and clearing corporation deemed acts of corporation acting as fiduciary. Sec. 2.  The acts of a nominee in connection with property held by the nominee shall be deemed to be the acts of the corporation acting as fiduciary. The acts of a federal reserve bank in connection with property held by it, as provided in section 4, and the acts of a clearing corporation in connection with property held by it, as provided in section 5, shall be deemed to be the acts of the corporation acting as fiduciary. History: 1957, Act 56, Eff. Sept. 27, 1957 ;-- Am. 1975, Act 310, Imd. Eff. Dec. 22, 1975
MI Comp L § 555.443 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 56 of 1957 - Corporate Fiduciary Stockholders (555.441 - 555.447)|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.

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. Sec. 3.  The records of the corporation shall show the ownership of the shares of stock or other securities held by it as fiduciary. The shares of stock or other securities shall be kept separate from the assets of the corporation and may be kept by the corporation either in a manner that the certificates representing the securities from time to time constituting the assets of a particular estate, trust, or other fiduciary account are held separate from those of all other estates, trusts, or fiduciary accounts; or in a manner that, without certification as to ownership attached, certificates representing securities of the same class of the same issuer and from time to time constituting assets of particular estates, trusts, or other fiduciary accounts, are held in bulk, including to the extent feasible, the merging of certificates of small denomination into 1 or more certificates of large denomination. History: 1957, Act 56, Eff. Sept. 27, 1957 ;-- Am. 1975, Act 310, Imd. Eff. Dec. 22, 1975
MI Comp L § 555.444 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 56 of 1957 - Corporate Fiduciary Stockholders (555.441 - 555.447)|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.

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. Sec. 4.  A corporation when acting as fiduciary, as provided in section 1, may deposit, or arrange for the deposit, with a federal reserve bank, of securities, the principal and interest of which the United States or a department, agency, or instrumentality thereof has agreed to pay, or has guaranteed payment. The deposit of securities shall be credited to 1 or more accounts on the books of the federal reserve bank in the name of the corporation, and designated a fiduciary account, as distinguished from a safekeeping account, to which account other similar securities may be credited. The records of the corporation depositing securities shall show the ownership of the securities held in the account. Ownership of, and other interests in, the securities credited to the account, may be transferred by entries on the books of the federal reserve bank without physical delivery of securities. History: Add. 1975, Act 310, Imd. Eff. Dec. 22, 1975
MI Comp L § 555.446 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 56 of 1957 - Corporate Fiduciary Stockholders (555.441 - 555.447)|Section 555.446 - Rules.

555.446 Rules. Sec. 6.  Pursuant to Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws, the commissioner of the financial institutions bureau may promulgate rules to effectuate the purposes and to execute and enforce this act. Nothing in this act shall preclude the attorney general of this state from promulgating rules pursuant to Act No. 101 of the Public Acts of 1961, being sections 14.251 to 14.266 of the Michigan Compiled Laws. History: Add. 1975, Act 310, Imd. Eff. Dec. 22, 1975
MI Comp L § 555.447 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 56 of 1957 - Corporate Fiduciary Stockholders (555.441 - 555.447)|Section 555.447 - Applicability of Amendatory Act.

555.447 Applicability of amendatory act. Sec. 7.  This amendatory act which added this section shall apply to any corporation acting as a fiduciary, as provided in section 1, which was so acting on or after the effective date of this amendatory act, regardless of the date of the will or other instrument pursuant to which the securities were transferred to it. History: Add. 1975, Act 310, Imd. Eff. Dec. 22, 1975
MI Comp L § 556.111 (2021)
2021 Michigan Compiled Laws|Chapter 556 - Powers of Appointment|Act 224 of 1967 - Powers of Appointment Act of 1967 (556.111 - 556.133)|Section 556.111 - Powers of Appointment Act; Short Title.

556.111 Powers of appointment act; short title. Sec. 1.  This act shall be known and may be cited as the “powers of appointment act of 1967”. History: 1967, Act 224, Eff. Nov. 2, 1967
MI Comp L § 556.113 (2021)
2021 Michigan Compiled Laws|Chapter 556 - Powers of Appointment|Act 224 of 1967 - Powers of Appointment Act of 1967 (556.111 - 556.133)|Section 556.113 - Powers of Appointment; Creation; Donors, Qualifications.

556.113 Powers of appointment; creation; donors, qualifications. Sec. 3.  (1) A power may be created by any creating instrument which is executed in the manner required by law for that instrument.  (2) The donor of a power must be a person capable of transferring the interest in property to which the power relates and having a transferable interest in such property. History: 1967, Act 224, Eff. Nov. 2, 1967
MI Comp L § 556.114 (2021)
2021 Michigan Compiled Laws|Chapter 556 - Powers of Appointment|Act 224 of 1967 - Powers of Appointment Act of 1967 (556.111 - 556.133)|Section 556.114 - Manifestation of Intent to Exercise.

556.114 Manifestation of intent to exercise. Sec. 4.  Unless otherwise provided in the creating instrument, an instrument manifests an intent to exercise the power if the instrument purports to transfer an interest in the appointive property that the donee would have no power to transfer except by virtue of the power, even though the power is not recited or referred to in the instrument, or if the instrument either expressly or by necessary implication from its wording, interpreted in the light of the circumstances surrounding its drafting and execution, manifests an intent to exercise the power. Subject to the other provisions of this section, if there is a general power exercisable by will with no express gift in default in the creating instrument, a residuary clause or other general language in the donee's will purporting to dispose of all of the donee's estate or property operates to exercise the power, but in all other cases such a clause or language does not in itself manifest an intent to exercise a power exercisable by will. History: 1967, Act 224, Eff. Nov. 2, 1967 ;-- Am. 1970, Act 195, Imd. Eff. Aug. 6, 1970 ;-- Am. 2000, Act 68, Eff. Apr. 1, 2000
MI Comp L § 556.115 (2021)
2021 Michigan Compiled Laws|Chapter 556 - Powers of Appointment|Act 224 of 1967 - Powers of Appointment Act of 1967 (556.111 - 556.133)|Section 556.115 - Methods by Which Powers May Be Exercised by Donees.

556.115 Methods by which powers may be exercised by donees.Sec. 5.  (1) A power may be exercised by any donee capable of transferring the interest in property to which the power relates.  (2) A power may be exercised only by a written instrument that would be sufficient to pass the interest intended to be appointed if the donee were the owner of the interest. Unless otherwise contemplated in the creating instrument, a power may be exercised only by a written instrument that complies with the requirements, if any, of the creating instrument as to the manner, time, and conditions of the exercise of the power, except that a power exercisable only by deed is also exercisable by a written will executed as required by law.  (3) If the donor has authorized the power to be exercised by an instrument not sufficient in law to pass the appointive interest, the power is not void, but may be exercised by an instrument conforming to subsection (2).  (4) If consent of the donor or of any other person is required for the exercise of a power, the consent must be expressed in the instrument exercising the power or in a separate written instrument, signed in either case by the person whose consent is required. If any person whose consent is required dies or becomes legally incapable of consenting, the power may be exercised by the donee without the consent of that person unless the creating instrument, construed with regard to surrounding circumstances, manifests a contrary intent.  (5) When a power is vested in 2 or more persons, all must unite in its exercise; but if 1 or more of the donees dies, becomes incapable of exercising the power, or releases the power, the power may be exercised by the others, unless the creating instrument, construed with regard to surrounding circumstances, manifests a contrary intent.  (6) When a power is vested in 2 or more trustees, the trustees' coordination in the exercise of the power is governed by sections 7703 and 7815(3) of the MTC, MCL 700.7703 and 700.7815, unless the trust instrument manifests a contrary intent. History: 1967, Act 224, Eff. Nov. 2, 1967 ;-- Am. 1970, Act 195, Imd. Eff. Aug. 6, 1970 ;-- Am. 2012, Act 485, Imd. Eff. Dec. 28, 2012