Michigan Laws 500.431c – Trusteed assets; value
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.431c
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the director. See Michigan Laws 500.102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The assets in the trust accounts shall be known as trusteed assets. The total value of trusteed assets shall at all times be at least equal to the sum of the U.S. branch’s reserves and other liabilities, the minimum capital and surplus required to be maintained by section 410, and any additional amounts considered necessary by the commissioner. The trusteed assets shall be valued and limited in accordance with section 901.