MCL - Section 700.7705

ESTATES AND PROTECTED INDIVIDUALS CODE (EXCERPT)
Act 386 of 1998


700.7705 Resignation of trustee; circumstances; issuance of orders and conditions; liability.

Sec. 7705.

    (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.


History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC