Mich. Comp. Laws » Michigan Compiled Laws / Chapter 487 / Act 276 of 1999
Michigan Compiled Laws

Mich. Comp. Laws § 487.11105 (2026)

Person engaged in business of banking; corporation as fiduciary.

✓ current as of July 2026
Find cases: SyfertCases citing this section MI-LEGlegislature.mi.gov JustiaChapter on Justia CornellLII Search CasesGoogle Scholar

BANKING CODE OF 1999


Act 276 of 1999


487.11105 Person engaged in business of banking; corporation as fiduciary.

Sec. 1105.

    (1) A person shall not engage in the business of banking in this state unless authorized by this act, the laws of another state, the national bank act, the international banking act of 1978, or if engaged in the business of banking on the effective date of this act under former 1969 PA 319.

    (2) Except for acting as an escrow agent, only an individual or corporation shall act as a fiduciary in this state. A corporation acting as a fiduciary shall do so only if the corporation is 1 of the following:

    (a) A bank authorized to exercise trust powers under this act, or authorized to conduct trust business in this state before November 29, 1995.

    (b) A state foreign bank branch authorized to exercise trust powers under this act.

    (c) An out-of-state bank, that is authorized to exercise trust powers under the law of the jurisdiction where it is organized. An out-of-state bank authorized to exercise trust powers under this subdivision may do so only to the extent a bank may exercise trust powers under this act.

    (d) A national bank authorized to exercise trust powers under the national bank act. A national bank authorized to exercise trust powers under this subdivision may do so only to the extent that a bank may exercise trust powers under this act.

    (e) A nonbanking corporation to the extent that it may be specifically authorized to act as fiduciary in this state by another statute of this state.

History: 1999, Act 276, Eff. Mar. 1, 2000

Compiler's Notes:

    For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Notes of Decisions
Cited in 1 case, 2019–2019 · leading case: Linda Dice v. Esther G Bennett Revocable Trust (Mich. Ct. App. 2019).
Sort: Relevance Newest Treatment
Linda Dice v. Esther G Bennett Revocable Trust (Mich. Ct. App. 2019). · cites it 6× “Plaintiffs further contended that they had standing to bring their conversion claim because Yeo could not have properly served as a trustee pursuant to MCL 487.11105, and accordingly, there had been no valid trustee since Yeo was appointed in 2008.”
— Mich. Comp. Laws § 487.11105(2) — 1 case
Linda Dice v. Esther G Bennett Revocable Trust (Mich. Ct. App. 2019). “Plaintiffs further contended that they had standing to bring their conversion claim because Yeo could not have properly served as a trustee pursuant to MCL 487.11105, and accordingly, there had been no valid trustee since Yeo was appointed in 2008.”
— Mich. Comp. Laws § 487.11105(2)(e) — 1 case
Linda Dice v. Esther G Bennett Revocable Trust (Mich. Ct. App. 2019). “Plaintiffs further contended that they had standing to bring their conversion claim because Yeo could not have properly served as a trustee pursuant to MCL 487.11105, and accordingly, there had been no valid trustee since Yeo was appointed in 2008.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.