Michigan Laws 700.1501 – Short title of part; definitions
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(1) This part shall be known and may be cited as the “Michigan prudent investor rule”. This part prescribes the Michigan prudent investor rule.
(2) As used in this part:
Terms Used In Michigan Laws 700.1501
- Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes , but is not limited to, a personal representative, funeral representative, guardian, conservator, trustee, plenary guardian, partial guardian, and successor fiduciary. See Michigan Laws 700.1104
- Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106
- Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106
(a) “Governing instrument” includes, but is not limited to, a court order.
(b) “Portfolio” means all property of every kind and character held by a fiduciary on behalf of a fiduciary estate.