Michigan Laws 500.7028 – Duties of trustees; limitation on liability of trustee
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.7028
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- MEWA: means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. See Michigan Laws 500.7001
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Trustee: A person or institution holding and administering property in trust.
The trustees of a MEWA shall give the attention and exercise the vigilance, diligence, care, and skill that prudent persons use in like or similar circumstances. Trustees shall be responsible for all operations of the MEWA and shall take all necessary precautions to safeguard the assets of the MEWA. No trustee shall be held liable for any delinquency under this section after 6 years from the date of the delinquency, or after 2 years from the time when the delinquency is discovered by a person complaining of the delinquency, whichever occurs sooner.