Bill Text: MI SB0023 | 2011-2012 | 96th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-04-12 - Assigned Pa 0012'11 With Immediate Effect [SB0023 Detail]

Download: Michigan-2011-SB0023-Introduced.html

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SENATE BILL No. 23

 

 

January 19, 2011, Introduced by Senator SCHUITMAKER 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.