ESTATES AND PROTECTED INDIVIDUALS CODE
Act 386 of 1998
700.7811 Recordkeeping and identification of trust property.
Sec. 7811.
(1) A trustee shall keep adequate records of the administration of the trust.
(2) A trustee shall keep trust property separate from the trustee's own property.
(3) Except as otherwise provided in subsection (4), to the extent that property is held by someone other than the trustee, the trustee shall cause the trust's interest in the trust's property to appear in records maintained by the party holding the trust property.
(4) A trustee may do any of the following:
(a) Invest as a whole the property of 2 or more separate trusts, provided the trustee maintains records clearly indicating the respective interests.
(b) Hold trust property in nominee form.
(c) If the trust is revocable by the settlor, cause the trust's interest in the trust's property to appear in records in the manner directed by the settlor.
(d) Not reflect the trust's interest in the trust's property when the nature of the property is such that it is not possible or practicable to do so.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
PopularName Notes:
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Notes of Decisions
Cited in
4
cases, 2014–2017 · leading case:
Ducharme v. Ducharme, 850 N.W.2d 607 (Mich. Ct. App. 2014).
Ducharme v. Ducharme, 850 N.W.2d 607 (Mich. Ct. App. 2014).
“” MCL 700.7811(2). Because the trustee must administer the trust in the interests of the trust beneficiaries, a commingling of assets would be a “violation by a trustee of a duty the trustee owes to a trust beneficiary .”
in Re Poston Est. (Mich. Ct. App. 2017).
· cites it 4× “If a trustee “embezzles or wrongfully converts trust property,” the trustee is liable “for double the value of any property embezzled, converted, or wrongfully withheld .”
in Re Poston Est. (Mich. Ct. App. 2017).
· cites it 4× “If a trustee “embezzles or wrongfully converts trust property,” the trustee is liable “for double the value of any property embezzled, converted, or wrongfully withheld .”
in Re Thomas Rowe Stockton Trust (Mich. Ct. App. 2017).
“Aside from the conversion litigation, Thomas attacks the accuracy of Charles’s recordkeeping pursuant to MCL 700.7811(1), and contends that inaccuracy and omission of more detailed information warranted Charles’s removal.”
— Mich. Comp. Laws § 700.7811(1) — 3 cases
in Re Poston Est. (Mich. Ct. App. 2017).
“If a trustee “embezzles or wrongfully converts trust property,” the trustee is liable “for double the value of any property embezzled, converted, or wrongfully withheld .”
in Re Poston Est. (Mich. Ct. App. 2017).
“If a trustee “embezzles or wrongfully converts trust property,” the trustee is liable “for double the value of any property embezzled, converted, or wrongfully withheld .”
in Re Thomas Rowe Stockton Trust (Mich. Ct. App. 2017).
“Aside from the conversion litigation, Thomas attacks the accuracy of Charles’s recordkeeping pursuant to MCL 700.7811(1), and contends that inaccuracy and omission of more detailed information warranted Charles’s removal.”
— Mich. Comp. Laws § 700.7811(2) — 3 cases
Ducharme v. Ducharme, 850 N.W.2d 607 (Mich. Ct. App. 2014).
“” MCL 700.7811(2). Because the trustee must administer the trust in the interests of the trust beneficiaries, a commingling of assets would be a “violation by a trustee of a duty the trustee owes to a trust beneficiary .”
in Re Poston Est. (Mich. Ct. App. 2017).
“If a trustee “embezzles or wrongfully converts trust property,” the trustee is liable “for double the value of any property embezzled, converted, or wrongfully withheld .”
in Re Poston Est. (Mich. Ct. App. 2017).
“If a trustee “embezzles or wrongfully converts trust property,” the trustee is liable “for double the value of any property embezzled, converted, or wrongfully withheld .”
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