Michigan Laws 600.2929 – Lands held in trust; sale by fiduciary, orders of court
Current as of: 2024 | Check for updates
|
Other versions
(1) Actions for equitable relief by any fiduciary seeking authority to sell any lands, tenements, or hereditaments which he is holding in trust for others may be brought in the circuit courts. If it appears to the best interest of the person for whom the lands, tenements, and hereditaments are held in trust the court may order, direct, and authorize the fiduciary to sell, grant, and convey the lands, tenements, and hereditaments at public or private sale. When approved by the circuit court, a sale made pursuant to this section passes title to the lands, tenements, and hereditaments to the purchaser.
(2) The court shall make all proper orders and directions from time to time for the management, investment, and disposition of the moneys received from the sale, and the interest and income therefrom.
Terms Used In Michigan Laws 600.2929
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l