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Michigan Compiled Laws Complete Through PA 85 and includes 95, 97 & 116 of 2014
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Section 554.94

PERSONAL PROPERTY TRUST PERPETUITIES ACT (EXCERPT)
Act 148 of 2008


554.94 Applicability of act to certain personal property; scope of trust.

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, 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.


History: 2008, Act 148, Imd. Eff. May 28, 2008 ;-- Am. 2011, Act 12, Imd. Eff. Mar. 24, 2011


© 2009 Legislative Council, State of Michigan