Bill Text: MI SB0023 | 2011-2012 | 96th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Probate; trusts; personal property trust perpetuities act; limit application to certain property. Amends sec. 4 of 2008 PA 148 (MCL 554.94).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-04-12 - Assigned Pa 0012'11 With Immediate Effect [SB0023 Detail]

Download: Michigan-2011-SB0023-Engrossed.html

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SB-0023, As Passed House, March 8, 2011

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

SENATE BILL NO. 23

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 2008 PA 148, entitled

 

"Personal property trust perpetuities act,"

 

by amending section 4 (MCL 554.94).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 4. (1) This act applies only to a nonvested interest in,

 

or power of appointment over, personal property held in a trust

 

that is either revocable on, or created after, the effective date

 

of this act May 28, 2008, and only to the extent that the trust is

 

not a special appointee trust.

 

     (2) For purposes of this section, a trust is a special

 

appointee trust to the extent it includes assets that were held in

 

a trust that was irrevocable on September 25, 1985, if both of the

 

following apply to the assets:

 

     (a) The assets have continuously been held in trust since

 

September 25, 1985.

 

     (b) The assets have not become subject to a general power of

 

appointment since September 25, 1985.