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

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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-Chaptered.html

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Act No. 12

Public Acts of 2011

Approved by the Governor

March 23, 2011

Filed with the Secretary of State

March 24, 2011

EFFECTIVE DATE: March 24, 2011

STATE OF MICHIGAN

96TH LEGISLATURE

REGULAR SESSION OF 2011

Introduced by Senator Schuitmaker

ENROLLED SENATE BILL No. 23

AN ACT to amend 2008 PA 148, entitled “An act to exclude certain personal property held in trust from the rule against perpetuities and similar rules that potentially affect the duration of trusts,” 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, 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 includes assets that were held in a trust that was irrevocable on September 25, 1985, if both of the following apply to the assets:

(a) The assets have continuously been held in trust since September 25, 1985.

(b) The assets have not become subject to a general power of appointment since September 25, 1985.

This act is ordered to take immediate effect.

Secretary of the Senate

Clerk of the House of Representatives

Approved

Governor