Michigan Laws 14.279 – Trustee; relief from restrictions of trust instrument
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 14.279
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Public charitable organization: means an organization described in section 509(a)(1), (2) or (3) of the IRC and exempt from tax under section 501(a) of the IRC. See Michigan Laws 14.272
- Trust: means an express trust created by a trust instrument, including a will. See Michigan Laws 14.272
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means the trustee or person possessing a power referred to in this act. See Michigan Laws 14.272
This act does not affect the power of a court of competent jurisdiction for cause shown, upon petition of the trustee, attorney general or affected beneficiary and upon appropriate notice to the affected parties and the attorney general, to relieve a trustee from any restriction on his powers and duties that is placed upon him by the governing instrument to comply with the rules applicable to private foundations, to terminate the trust or to convert to a public charitable organization.