Michigan Laws 35.91 – Application of act as to surety bonds, administration of estates, and investments; liability of guardian, liquidation of investments
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Application of act. The provisions of this act relating to surety bonds and the administration of estates of administration beneficiaries under guardianship shall apply to all such estates heretofore or hereafter created under the general laws of this state to the extent that such estates have assets derived from the benefits paid directly by the veterans administration or receive such benefits in the future.
The provisions of this act relative to investments shall govern all investments made after the enactment hereof: Provided, however, That the guardian shall be liable for any loss resulting from his failure to use reasonable diligence and care with respect to liquidating investments of the ward, lawful when made, but not permissible under the provisions of this act: And provided further, That all such investments shall be liquidated within 5 years from the effective date of this act unless the time for such liquidation in any case shall be extended by the court of appointment upon petition therefor and evidence in support thereof, in which latter event such liquidation shall occur within the period fixed by such order of extension.
Terms Used In Michigan Laws 35.91
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- benefits: shall mean all moneys paid or payable by the United States through the veterans administration. See Michigan Laws 35.71
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- veterans administration: means the United States veterans administration, its predecessors or successors. See Michigan Laws 35.71
- ward: means a beneficiary of the veterans administration. See Michigan Laws 35.71