Bill Text: MI HB5009 | 2009-2010 | 95th Legislature | Engrossed

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Bill Title: Probate; trusts; personal property trust perpetuities act; limit application to certain property. Amends sec. 4 of 2008 PA 148 (MCL 554.94).

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2009-12-17 - Referred To Committee On Judiciary [HB5009 Detail]

Download: Michigan-2009-HB5009-Engrossed.html

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HB-5009, As Passed House, December 16, 2009

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 5009

 

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

 

that 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.