Michigan Laws 14.280 – Trustee; release of power to select charitable donee
Current as of: 2023 | Check for updates
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(1) Unless the creating instrument expressly provides otherwise, the trustee of a trust, all of the unexpired interests in which are devoted to 1 or more charitable purposes, may release a power to select a charitable donee.
(2) The release of a power to select a charitable donee may apply to all or any part of the property subject to the power and may reduce or limit the public charitable organizations or classes of public charitable organizations in whose favor the power is exercisable.
Terms Used In Michigan Laws 14.280
- Donee: The recipient of a gift.
- Trust: means an express trust created by a trust instrument, including a will. See Michigan Laws 14.272
- Trustee: means the trustee or person possessing a power referred to in this act. See Michigan Laws 14.272
- Trustee: A person or institution holding and administering property in trust.
(3) A release is effected by a duly acknowledged written instrument signed by the trustee and delivered as provided in subsection (1) of section 11.