Michigan Laws 700.7702 – Trustee’s bond
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 700.7702
- Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
- Financial institution: means an organization authorized to do business under state or federal laws relating to a financial institution and includes, but is not limited to, a bank, trust company, savings bank, building and loan association, savings and loan company or association, credit union, insurance company, and entity that offers mutual fund, securities brokerage, money market, or retail investment accounts. See Michigan Laws 700.1104
- Interests of the trust beneficiaries: means the beneficial interests provided in the terms of the trust. See Michigan Laws 700.7103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107
- terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107
- Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107
(1) A trustee shall give bond to secure performance of the trustee‘s duties only if the court finds that a bond is needed to protect the interests of the trust beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(2) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
(3) A financial institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust.