PERSONAL PROPERTY TRUST PERPETUITIES ACT (EXCERPT)
Act 148 of 2008
554.94 Applicability of act to certain personal property; scope of trust.
(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