Michigan Laws 700.7705 – Resignation of trustee; circumstances; issuance of orders and conditions; liability
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 700.7705
- Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
- Issue: means an individual's descendant. See Michigan Laws 700.1105
- Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106
- 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 may resign in either of the following circumstances:
(a) Upon at least 28 days’ notice to the qualified trust beneficiaries, the holders of powers of appointment, and all cotrustees.
(b) With the approval of the court.
(2) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(3) Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation.