reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.2 - Executed Use Confirmed as Legal Estate.

555.2 Executed use confirmed as legal estate.
Sec. 2.
Every estate which is now held as an use, executed under the laws of this state as they formerly existed, is confirmed as a legal estate.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2632 ;-- CL 1871, 4115 ;-- How. 5564 ;-- CL 1897, 8830 ;-- CL 1915, 11566 ;-- CL 1929, 12968 ;-- CL 1948, 555.2
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.3 - Right to Possession Deemed Legal Estate.

555.3 Right to possession deemed legal estate.
Sec. 3.
Every person who, by virtue of any grant, assignment or devise, now is, or hereafter shall be entitled to the actual possession of lands, and the receipt of the rents and profits thereof, in law or in equity shall be deemed to have a legal estate therein, of the same quality and duration, and subject to the same conditions as his beneficial interest.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2633 ;-- CL 1871, 4116 ;-- How. 5565 ;-- CL 1897, 8831 ;-- CL 1915, 11567 ;-- CL 1929, 12969 ;-- CL 1948, 555.3
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.4 - Right to Possession Deemed Legal Estate; Effect on Existing Active Trust.

555.4 Right to possession deemed legal estate; effect on existing active trust.
Sec. 4.
The last preceding section shall not divest the estate of any trustees, in any existing trust, where the title of such trustees is not merely nominal, but is connected with some power of actual disposition or management, in relation to the lands which are the subject of the trust.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2634 ;-- CL 1871, 4117 ;-- How. 5566 ;-- CL 1897, 8832 ;-- CL 1915, 11568 ;-- CL 1929, 12970 ;-- CL 1948, 555.4
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.5 - Passive Trust; Disposition of Lands, Trustee Interest.

555.5 Passive trust; disposition of lands, trustee interest.
Sec. 5.
Every disposition of lands, whether by deed or devise, hereafter made, except as otherwise provided in this chapter, shall be directly to the person in whom the right to the possession and the profits shall be intended to be vested, and not to any other, to the use of, or in trust for, such person; and if made to 1 or more persons, in trust for, or to the use of another, no estate or interest, legal or equitable, shall vest in the trustee.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2635 ;-- CL 1871, 4118 ;-- How. 5567 ;-- CL 1897, 8833 ;-- CL 1915, 11569 ;-- CL 1929, 12971 ;-- CL 1948, 555.5
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.6 - Constructive, Resulting or Express Trusts; Preceding Sections Effect.

555.6 Constructive, resulting or express trusts; preceding sections effect.
Sec. 6.
The preceding sections of this chapter, shall not extend to trusts arising or resulting by implication of law, nor be construed to prevent or affect the creation of such express trusts as are hereinafter authorized and defined.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2636 ;-- CL 1871, 4119 ;-- How. 5568 ;-- CL 1897, 8834 ;-- CL 1915, 11570 ;-- CL 1929, 12972 ;-- CL 1948, 555.6
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.7 - Payment of Consideration for Conveyance to Another; Resulting Trust, Alienee Title.

555.7 Payment of consideration for conveyance to another; resulting trust, alienee title.
Sec. 7.
When a grant for a valuable consideration shall be made to 1 person, and the consideration therefor shall be paid by another, no use or trust shall result in favor of the person by whom such payment shall be made; but the title shall vest in the person named as the alienee in such conveyance, subject only to the provisions of the next section.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2637 ;-- CL 1871, 4120 ;-- How. 5569 ;-- CL 1897, 8835 ;-- CL 1915, 11571 ;-- CL 1929, 12973 ;-- CL 1948, 555.7
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.8 - Payment of Consideration for Conveyance to Another; Presumption as Fraudulent; Resulting Trust for Creditors of Payee.

555.8 Payment of consideration for conveyance to another; presumption as fraudulent; resulting trust for creditors of payee.
Sec. 8.
Every such conveyance shall be presumed fraudulent, as against the creditors of the person paying the consideration; and when a fraudulent intent is not disproved, a trust shall result in favor of such creditors, to the extent that may be necessary to satisfy their just demands.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2638 ;-- CL 1871, 4121 ;-- How. 5570 ;-- CL 1897, 8836 ;-- CL 1915, 11572 ;-- CL 1929, 12974 ;-- CL 1948, 555.8
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.9 - Payment of Consideration for Conveyance to Another; Fraudulent Alienee Exemption.

555.9 Payment of consideration for conveyance to another; fraudulent alienee exemption.
Sec. 9.
The preceding seventh section shall not extend to cases where the alienee named in the conveyance shall have taken the same as an absolute conveyance in his own name, without the knowledge or consent of the person paying the consideration, or when such alienee, in violation of some trust, shall have purchased the lands so conveyed, with moneys belonging to another person.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2639 ;-- CL 1871, 4122 ;-- How. 5571 ;-- CL 1897, 8837 ;-- CL 1915, 11573 ;-- CL 1929, 12975 ;-- CL 1948, 555.9
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.10 - Implied or Resulting Trust; Validity Against Bona Fide Purchaser.

555.10 Implied or resulting trust; validity against bona fide purchaser.
Sec. 10.
No implied or resulting trust shall be alleged or established to defeat or prejudice the title of a purchase, for a valuable consideration, and without notice of such trust.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2640 ;-- CL 1871, 4123 ;-- How. 5572 ;-- CL 1897, 8838 ;-- CL 1915, 11574 ;-- CL 1929, 12976 ;-- CL 1948, 555.10
Compiler's Notes:
The word “purchase” in this section evidently should read “purchaser”.
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.11 - Express Trust; Purpose of Creation.

555.11 Express trust; purpose of creation.
Sec. 11.
Express trusts may be created for any or either of the following purposes:
First. To sell lands for the benefit of creditors:
Second. To sell, mortgage or lease lands, for the benefit of legatees, or for the purpose of satisfying any charge thereon:
Third. To receive the rents and profits of lands, and apply them to the use of any person, during the life of such person, or for any shorter term, subject to the rules prescribed in the last preceding chapter:
Fourth. To receive the rents and profits of lands, and to accumulate the same for the benefit of any married woman, or for either of the purposes, and within the limits prescribed in the preceding chapter:
Fifth. For the beneficial interest of any person or persons where such trust is fully expressed and clearly defined upon the face of the instrument creating it subject to the limitations as to time prescribed in this title.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2641 ;-- CL 1871, 4124 ;-- How. 5573 ;-- CL 1897, 8839 ;-- CL 1915, 11575 ;-- CL 1929, 12977 ;-- CL 1948, 555.11
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.12 - Devise to Trustee Without Power to Receive Rents and Profits; Estate of Trustee; Effect on Trust.

555.12 Devise to trustee without power to receive rents and profits; estate of trustee; effect on trust.
Sec. 12.
A devise of lands to executors or other trustees, to be sold or mortgaged, when such trustees are not also empowered to receive the rents and profits, shall vest no estate in the trustees; but the trust shall be valid as a power, and the lands shall descend to the heirs, or pass to the devisees of the testator, subject to the execution of the power.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2642 ;-- CL 1871, 4125 ;-- How. 5574 ;-- CL 1897, 8840 ;-- CL 1915, 11576 ;-- CL 1929, 12978 ;-- CL 1948, 555.12
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.13 - Rents and Profits; Liability of Surplus to Claims of Creditors of Beneficiary.

555.13 Rents and profits; liability of surplus to claims of creditors of beneficiary.
Sec. 13.
When a trust is created to receive the rents and profits of lands, and no valid direction for accumulation is given, the surplus of such rents and profits, beyond the sum that may be necessary for the education and support of the person for whose benefit the trust is created, shall be liable in equity, to the claims of the creditors of such person, in the same manner as other personal property which cannot be reached by an execution at law.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2643 ;-- CL 1871, 4126 ;-- How. 5575 ;-- CL 1897, 8841 ;-- CL 1915, 11577 ;-- CL 1929, 12979 ;-- CL 1948, 555.13
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.14 - Express Trust for Unauthorized Purpose; Estate of Trustee; Power in Trust.

555.14 Express trust for unauthorized purpose; estate of trustee; power in trust.
Sec. 14.
When an express trust shall be created for any purpose not enumerated in the preceding sections of this chapter, no estate shall vest in the trustees; but the trust, if directing or authorizing the performance of any act which may be lawfully performed under a power, shall be valid as a power in trust, subject to the provisions in relation to such powers contained in the next succeeding chapter.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2644 ;-- CL 1871, 4127 ;-- How. 5576 ;-- CL 1897, 8842 ;-- CL 1915, 11578 ;-- CL 1929, 12980 ;-- CL 1948, 555.14
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.15 - Trust as Valid Power; Land Descent.

555.15 Trust as valid power; land descent.
Sec. 15.
In every case where the trust shall be valid as a power, the land to which the trust relates, shall remain in, or descend to the persons otherwise entitled, subject to the execution of the trust as a power.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2645 ;-- CL 1871, 4128 ;-- How. 5577 ;-- CL 1897, 8843 ;-- CL 1915, 11579 ;-- CL 1929, 12981 ;-- CL 1948, 555.15
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.16 - Express Trust; Beneficiary, Trustee Estates, Beneficiary Right.

555.16 Express trust; beneficiary, trustee estates, beneficiary right.
Sec. 16.
Every express trust, valid as such in its creation, except as herein otherwise provided, shall vest the whole estate in the trustees, in law and in equity, subject only to the execution of the trust; and the person for whose benefit the trust was created, shall take no estate or interest in the lands, but may enforce the performance of the trust in equity.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2646 ;-- CL 1871, 4129 ;-- How. 5578 ;-- CL 1897, 8844 ;-- CL 1915, 11580 ;-- CL 1929, 12982 ;-- CL 1948, 555.16
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.17 - Express Trust; Disposal of Land in Event of Failure or Termination of Trust.

555.17 Express trust; disposal of land in event of failure or termination of trust.
Sec. 17.
The preceding section shall not prevent any person creating a trust, from declaring to whom the lands to which the trust relates shall belong, in the event of the failure or termination of the trust, nor shall it prevent him from granting or devising such lands subject to the execution of the trust; and every such grantee shall have a legal estate in the lands, as against all persons except the trustees and those lawfully claiming under them.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2647 ;-- CL 1871, 4130 ;-- How. 5579 ;-- CL 1897, 8845 ;-- CL 1915, 11581 ;-- CL 1929, 12983 ;-- CL 1948, 555.17
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.18 - Express Trust; Undisposed Estate or Interest.

555.18 Express trust; undisposed estate or interest.
Sec. 18.
When an express trust is created, every estate and interest not embraced in the trust, and not otherwise disposed of, shall remain in, or revert to the person creating the trust, or his heirs as a legal estate.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2648 ;-- CL 1871, 4131 ;-- How. 5580 ;-- CL 1897, 8846 ;-- CL 1915, 11582 ;-- CL 1929, 12984 ;-- CL 1948, 555.18
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.19 - Express Trust; Assignability of Interest of Beneficiary.

555.19 Express trust; assignability of interest of beneficiary.
Sec. 19.
No person beneficially interested in a trust for the receipt of the rents and profits of lands, can assign or in any manner dispose of such interest; but the rights and interest of every person for whose benefit a trust for the payment of a sum in gross is created, are assignable.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2649 ;-- CL 1871, 4132 ;-- How. 5581 ;-- CL 1897, 8847 ;-- CL 1915, 11583 ;-- CL 1929, 12985 ;-- CL 1948, 555.19
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.20 - Express Trust; Omission From Conveyance; Validity as to Subsequent Creditor and Bona Fide Purchaser From Trustee.

555.20 Express trust; omission from conveyance; validity as to subsequent creditor and bona fide purchaser from trustee.
Sec. 20.
When an express trust is created, but is not contained or declared in the conveyance to the trustees, such conveyance shall be deemed absolute as against the subsequent creditors of the trustees, not having notice of the trust, and as against purchasers from such trustees, without notice, and for a valuable consideration.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2650 ;-- CL 1871, 4133 ;-- How. 5582 ;-- CL 1897, 8848 ;-- CL 1915, 11584 ;-- CL 1929, 12986 ;-- CL 1948, 555.20
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.21 - Express Trust; Mention in Instrument; Invalidity of Certain Acts of Trustee.

555.21 Express trust; mention in instrument; invalidity of certain acts of trustee.
Sec. 21.
When the trust shall be expressed in the instrument creating the estate, every sale, conveyance, or other acts of the trustees, in contravention of the trust, shall be absolutely void.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2651 ;-- CL 1871, 4134 ;-- How. 5583 ;-- CL 1897, 8849 ;-- CL 1915, 11585 ;-- CL 1929, 12987 ;-- CL 1948, 555.21
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.22 - Authorized Payment to Trustee; Protection of Payor.

555.22 Authorized payment to trustee; protection of payor.
Sec. 22.
No person who shall actually and in good faith make any payment to a trustee, which the trustee as such is authorized to receive, shall be responsible for the application thereof according to the trust; nor shall any right or title derived by such person from the trustee, in consideration of such payment, be impeached or called in question, in consequence of any misapplication of such payment by the trustee.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2652 ;-- CL 1871, 4135 ;-- How. 5584 ;-- CL 1897, 8850 ;-- CL 1915, 11586 ;-- CL 1929, 12988 ;-- CL 1948, 555.22
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.23 - Express Trust; Termination of Estate of Trustee.

555.23 Express trust; termination of estate of trustee.
Sec. 23.
When the purposes for which an express trust shall have been created, shall have ceased, the estate of the trustee shall also cease.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2653 ;-- CL 1871, 4136 ;-- How. 5585 ;-- CL 1897, 8851 ;-- CL 1915, 11587 ;-- CL 1929, 12989 ;-- CL 1948, 555.23
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.24 - Express Trust; Death of All Trustees; Execution of Trust.

555.24 Express trust; death of all trustees; execution of trust.
Sec. 24.
Upon the death of the surviving trustee of an express trust, the trust estate shall not descend to his heirs, nor pass to his personal representatives; but the trust if then unexecuted, shall vest in the court of chancery, with all the powers and duties of the original trustees, and shall be executed by some person appointed for that purpose, under the direction of the court.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2654 ;-- CL 1871, 4137 ;-- How. 5586 ;-- CL 1897, 8852 ;-- CL 1915, 11588 ;-- CL 1929, 12990 ;-- CL 1948, 555.24
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.25 - Express Trust; Trustee Resignation.

555.25 Express trust; trustee resignation.
Sec. 25.
Upon the petition of any trustee of an express trust, the court of chancery may accept his resignation, and discharge him from the trust, under such regulations as shall be established by the court for that purpose, and upon such terms as the rights and interests of the persons interested in the execution of the trust may require.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2655 ;-- CL 1871, 4138 ;-- How. 5587 ;-- CL 1897, 8853 ;-- CL 1915, 11589 ;-- CL 1929, 12991 ;-- CL 1948, 555.25
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.26 - Express Trust; Trustee Removal.

555.26 Express trust; trustee removal.
Sec. 26.
Upon the petition or bill of any person interested in the execution of an express trust, and under such regulations as shall be established by the court for that purpose, the court of chancery may remove any trustee who shall have violated or threatened to violate his trust, or who shall be insolvent, or whose insolvency shall be apprehended, or who, for any other cause, shall be deemed an unsuitable person to execute the trust.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2656 ;-- CL 1871, 4139 ;-- How. 5588 ;-- CL 1897, 8854 ;-- CL 1915, 11590 ;-- CL 1929, 12992 ;-- CL 1948, 555.26
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.27 - Express Trust; Appointment of New Trustee.

555.27 Express trust; appointment of new trustee.
Sec. 27.
The chancellor shall have full power to appoint a new trustee, in the place of a trustee resigned or removed; and when, in consequence of such resignation or removal, there shall be no acting trustee, the court, in its discretion, may appoint new trustees, or cause the trust to be executed by 1 of its officers, under its direction.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2657 ;-- CL 1871, 4140 ;-- How. 5589 ;-- CL 1897, 8855 ;-- CL 1915, 11591 ;-- CL 1929, 12993 ;-- CL 1948, 555.27
Compiler's Notes:
The office of chancellor, referred to in this section, was abolished by Act 23 of 1847.
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.28 - Conflicting Provisions.

555.28 Conflicting provisions.
Sec. 28.
If a provision of this chapter conflicts with a provision of article VII of the estates and protected individuals code, 1998 PA 386, MCL 700.7101 to 700.7913, article VII of the estates and protected individuals code, 1998 PA 386, MCL 700.7101 to 700.7913, prevails.
History:
Add. 2009, Act 43, Eff. Apr. 1, 2010
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Repealed - Act 340 of 1965 - The Revised Uniform Principal and Income Act (555.51 - 555.68)

THE REVISED UNIFORM PRINCIPAL AND INCOME ACT
Act 340 of 1965
555.51-555.68 Repealed. 2004, Act 159, Eff. Sept. 1, 2004.
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Repealed - Act 185 of 1966 - Irrevocable Inter Vivos Trust Instruments (555.81 - 555.84)

IRREVOCABLE INTER VIVOS TRUST INSTRUMENTS
Act 185 of 1966
555.81-555.84 Repealed. 2000, Act 54, Eff. Apr. 1, 2000.
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113) › Section 555.101 - Short Title; Definitions.

555.101 Short title; definitions.
Sec. 1.
(1) This act shall be known and may be cited as the "collective investment funds act".
(2) As used in this act:
(a) "Collective investment fund" means a fund maintained by a financial institution or by 1 or more affiliated financial institutions that consists solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts that are exempt from federal income tax.
(b) "Common trust fund" means a fund maintained by a financial institution or 1 or more affiliated financial institutions exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution or the affiliated financial institutions in its capacity as a fiduciary or cofiduciary.
(c) "Fiduciary" means a financial institution or other person acting in the capacity of guardian, conservator, personal representative, or trustee, either solely or together with others, or custodian under a uniform gift or transfer to minors act of any state.
(d) "Financial institution" means any of the following:
(i) A state bank, national bank, state or federally chartered savings and loan association or savings bank that is authorized to act in a fiduciary capacity in this state.
(ii) A wholly owned subsidiary of an entity described in subparagraph (i) that is authorized to act in a fiduciary capacity in this state.
(iii) An entity authorized to act in a fiduciary capacity in any other state that is a member of an affiliated group within the meaning of section 1504 of the internal revenue code of 1986 that includes any of the entities described in subparagraph (i) or (ii).
(e) "Fund" means a common trust fund or a collective investment fund.
(f) "Plan" means the written plan for a fund described in section 4.
History:
1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.101 ;-- Am. 1978, Act 433, Imd. Eff. Oct. 5, 1978 ;-- Am. 1984, Act 101, Imd. Eff. May 8, 1984 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005
Popular Name:
Common Trust Fund Act
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113) › Section 555.102 - Funds; Financial Institution May Establish, Maintain, and Administer.

555.102 Funds; financial institution may establish, maintain, and administer.
Sec. 2.
A financial institution may establish, maintain, and administer 1 or more funds.
History:
1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.102 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005
Popular Name:
Common Trust Fund Act
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113) › Section 555.103 - Funds; Financial Institution May Invest as Fiduciary.

555.103 Funds; financial institution may invest as fiduciary.
Sec. 3.
A financial institution in its capacity as a fiduciary or cofiduciary may invest funds that it lawfully holds for investment in that capacity in interests or participations in 1 or more common trust funds, if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship and if, in the case of a financial institution in its capacity as a cofiduciary, the financial institution complies with any consent requirements imposed by the estates and protected individuals code, 1998 PA 386, MCL 700.1101 to 700.8102. A financial institution may invest assets of retirement, pension, profit sharing, stock bonus, or other employee benefit trusts exempt from federal income tax that the financial institution holds in any capacity, including agent, in a collective investment fund.
History:
1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.103 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005
Popular Name:
Common Trust Fund Act
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113) › Section 555.104 - Funds; Establishment and Maintenance of Plan; Provisions; Availability for Inspection.

555.104 Funds; establishment and maintenance of plan; provisions; availability for inspection.
Sec. 4.
(1) A financial institution shall establish and maintain a fund in accordance with a written plan approved by resolution of the board of directors of the financial institution or by a committee authorized by the board. The plan shall contain full and detailed provisions as to the manner in which the financial institution will operate the fund, including, but not limited to, provisions relating to all of the following:
(a) The investment powers and policies with respect to the fund.
(b) The allocation of income, profits, and losses.
(c) The fees and expenses that the financial institution will charge to the fund and to participating accounts.
(d) The terms and conditions governing the admission and withdrawal of participating accounts.
(e) Audits of participating accounts.
(f) The basis and method of valuing assets in the fund.
(g) The expected frequency of income distribution from the fund to participating accounts.
(h) The minimum frequency of valuation of fund assets.
(i) The period of time following a valuation date in which a valuation of fund assets must be made.
(j) The bases upon which the financial institution may terminate the funds.
(k) Any other matters necessary to define clearly the rights of participating accounts.
(2) A financial institution shall make a copy of a written plan described in subsection (1) available at its principal office for inspection during all regular business hours and shall provide a copy of the plan to any person who requests it.
History:
1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.104 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005
Popular Name:
Common Trust Fund Act
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113) › Section 555.104a - Audit; Financial Report; Contents; Items to Be Excluded From Report; Availability; Advertising Common Trust Fund.

555.104a Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.
Sec. 4a.
(1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution.
(2) At least once during each 12-month period, a financial institution administering a fund shall prepare a financial report of the fund based on the audit required in subsection (1). The report shall disclose the fund's fees and expenses, a list of investments in the fund, the cost and current market value of each investment, and a statement covering the period after the previous report that shows all of the following, organized by type of investment:
(a) A summary of purchases, including costs.
(b) A summary of sales, including profit or loss and any other investment changes.
(c) Income to and disbursements from the fund.
(d) A description of any investments in default.
(3) A financial institution shall not publish in the report described in subsection (2) any predictions or representations as to future performance. In addition, with respect to common trust funds, a financial institution shall not publish the performance of individual funds other than those administered by the financial institution or its affiliates.
(4) A financial institution administering a fund shall provide a copy of the report described in subsection (2), or provide notice that a copy of the report is available upon request without charge, to each person who ordinarily would receive a regular periodic accounting with respect to each participating account. The financial institution may provide a copy of the report to prospective customers and may provide a copy of the report upon request to any person for a reasonable charge.
(5) A financial institution shall not advertise or publicize any common trust fund except in connection with the advertisement of the general fiduciary services of the financial institution.
History:
Add. 2004, Act 586, Imd. Eff. Jan. 4, 2005
Popular Name:
Common Trust Fund Act
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › Repealed - Act 19 of 1952 - Uniform Trust Receipts Act (555.401 - 555.419)

UNIFORM TRUST RECEIPTS ACT
Act 19 of 1952
555.401-555.419 Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
2023 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
2023 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