Michigan Laws 554.74 – Reforming disposition; petition
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Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor’s manifested plan of distribution that is within the 90 years allowed by section 2(1)(b), (2)(b), or (3)(b) and 1 or more of the following are applicable:
(a) A nonvested property interest or a power of appointment becomes invalid under section 2.
Terms Used In Michigan Laws 554.74
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(b) A class gift is not but might become invalid under section 2 and the time has arrived when the share of any class member is to take effect in possession or enjoyment.
(c) A nonvested property interest that is not validated by section 2(1)(a) can vest but not within 90 years after its creation.