May 26, 2009, Introduced by Reps. Schuitmaker and Meadows and referred to the Committee on Judiciary.
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
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 was created or added to by the
exercise of a nongeneral power of appointment under a trust that
was irrevocable on September 25, 1985.