Michigan Laws > Chapter 554 > Act 148 of 2008 – Personal Property Trust Perpetuities Act


§ 554.91	Short title
§ 554.92	Vesting of future interests; timing; exceptions; definitions
§ 554.93	Interests in personal property held in trust; application of rules
§ 554.94	Applicability of act to certain personal property; scope of trust

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Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Donee: The recipient of a gift.
Fiduciary: A trustee, executor, or administrator.
Personal property: All property that is not real property.
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Trustee: A person or institution holding and administering property in trust.