Michigan Laws 555.105 – Common trust funds; funds investment
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Terms Used In Michigan Laws 555.105
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Financial institution: means any of the following:
(i) A state bank, national bank, state or federally chartered savings and loan association or savings bank that is authorized to act in a fiduciary capacity in this state. See Michigan Laws 555.101Fund: means a common trust fund or a collective investment fund. See Michigan Laws 555.101 Plan: means the written plan for a fund described in section 4. See Michigan Laws 555.101
A financial institution may invest and reinvest the assets of a fund in accordance with the plan for that fund.