Michigan Laws 390.707 – Breach of trustee’s or officer’s fiduciary duty; liability
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Terms Used In Michigan Laws 390.707
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- College: means Albion college, created in section 1. See Michigan Laws 390.701a
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fiduciary: A trustee, executor, or administrator.
- Nontrustee volunteer: means an individual, other than a volunteer trustee, performing services for the college who does not receive compensation or any other type of consideration for the services other than reimbursement for expenses actually incurred. See Michigan Laws 390.701a
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a member of the board of trustees. See Michigan Laws 390.701a
A volunteer trustee or a nontrustee volunteer who is an officer of the college has no personal liability to the college for monetary damages for a breach of the trustee‘s or officer’s fiduciary duty. This provision does not eliminate or limit the liability of a trustee or officer for any of the following:
(a) A breach of the trustee’s or officer’s duty of loyalty to the college.
(b) Acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law.
(c) Any distribution of assets of the college in violation of applicable law.
(d) A transaction from which the trustee or officer derived an improper personal benefit.
(e) An act or omission occurring before the effective date of this amendment.
(f) An act or omission that is grossly negligent.