Mich. Comp. Laws » Michigan Compiled Laws / Chapter 700 / Act 386 of 1998
Michigan Compiled Laws

Mich. Comp. Laws § 700.1505 (2026)

Duties at inception.

✓ current as of July 2026
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ESTATES AND PROTECTED INDIVIDUALS CODE


Act 386 of 1998


700.1505 Duties at inception.

Sec. 1505.

    Within a reasonable time after accepting appointment as a fiduciary or receiving fiduciary assets, a fiduciary shall review the assets, and make and implement decisions concerning the retention and disposition of assets, in order to bring the fiduciary portfolio into compliance with the purposes, terms, distribution requirements expressed in the governing instrument, and other circumstances of the fiduciary estate, and with the requirements of the Michigan prudent investor rule.

History: 1998, Act 386, Eff. Apr. 1, 2000

PopularName Notes:

EPIC
Notes of Decisions
Cited in 3 cases, 2015–2018 · leading case: in Re Maurice J Veilleux Trust (Mich. Ct. App. 2018).
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in Re Maurice J Veilleux Trust (Mich. Ct. App. 2018). “…does not allege that Polk financially mismanaged the Trust assets or violated the Michigan prudent investor rule. See MCL 700.1505. -10-”
in Re Maurice J Veilleux Trust (Mich. Ct. App. 2018). “…does not allege that Polk financially mismanaged the Trust assets or violated the Michigan prudent investor rule. See MCL 700.1505. -10-”
in Re St Thomas Est. (Mich. Ct. App. 2015). “1502, and prudent investment and management of such assets must be implemented “[w]ithin a reasonable time after accepting appointment as a fiduciary or receiving fiduciary assets,” MCL 700.1505. Additionally, MRPC 1.15(e) lists factors an attorney should consider regarding…”
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.