Michigan Laws 554.93 – Interests in personal property held in trust; application of rules
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 554.93
- Personal property: All property that is not real property.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
(1) Except as provided in section 2, an interest in, or power of appointment over, personal property held in trust is not invalidated by a rule against any of the following:
(a) Perpetuities.
(b) Suspension of absolute ownership.
(c) Suspension of the power of alienation.
(d) Accumulations of income.
(2) Except as provided in section 2, all of the following may be indefinitely suspended, postponed, or allowed to go on with respect to personal property held in trust:
(a) The vesting of a future interest.
(b) The satisfaction of a condition precedent to the exercise of a general power of appointment.
(c) The exercise of a nongeneral or testamentary power of appointment.
(d) Absolute ownership.
(e) The power of alienation.
(f) Accumulations of income.