Bill Text: MI HB5192 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Probate; guardians and conservators; bond; require if protected individual has liquid assets over certain limit. Amends sec. 5410 of 1998 PA 386 (MCL 700.5410). TIE BAR WITH: HB 4619'09, HB 5194'09

Spectrum: Partisan Bill (Democrat 39-1)

Status: (Introduced - Dead) 2010-09-28 - Re-referred To Committee On Judiciary [HB5192 Detail]

Download: Michigan-2009-HB5192-Introduced.html

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HOUSE BILL No. 5192

 

July 14, 2009, Introduced by Reps. DeShazor, Meadows, Byrnes, Liss, Scripps, Roberts, Haase, Womack, Kennedy, Slavens, Haugh, Kandrevas, Constan, Durhal, Polidori, Terry Brown, Leland, Valentine, Segal, Spade, Miller, Geiss, Roy Schmidt, Bauer, Tlaib, Lemmons, Dean, Ebli, Gregory, Robert Jones, Donigan, Gonzales, Mayes, Sheltrown, McDowell, Neumann, Lahti, Lisa Brown, Bettie Scott and Jackson and referred to the Committee on Judiciary.

 

     A bill to amend 1998 PA 386, entitled

 

"Estates and protected individuals code,"

 

by amending section 5410 (MCL 700.5410).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 5410. (1) The court may require a conservator to furnish

 

a bond. If the court determines that the value of cash and property

 

that is readily convertible into cash in the estate and in the

 

conservator's control exceeds the limit for administering a

 

decedent's estate under section 3982, adjusted in the manner

 

provided under section 1210 for the year in which the conservator

 

is appointed, the court shall require the conservator to furnish a

 

bond, unless 1 or more of the following apply:

 

     (a) The estate contains no property readily convertible to

 

cash and the cash is in a restricted account with a financial

 

institution.

 

     (b) The conservator has been granted trust powers under

 

section 4401 of the banking code of 1999, 1999 PA 276, MCL

 

487.14401.

 

     (c) The court determines that requiring a bond would impose a

 

financial hardship on the estate.

 

     (d) The court states on the record the reasons why a bond is

 

not necessary.

 

     (2) A bond furnished under this section shall be conditioned

 

upon faithful discharge of all duties of the conservator's trust

 

according to law, with sureties as the court specifies. Unless

 

otherwise directed, the bond shall be in the amount of the

 

aggregate capital value of the estate property in the conservator's

 

control plus 1 year's estimated income minus the value of

 

securities deposited under arrangements requiring a court order for

 

their removal and the value of land that the fiduciary, by express

 

limitation of power, lacks power to sell or convey without court

 

authorization. Instead of sureties on a bond, the court may accept

 

other security for the performance of the bond, including a pledge

 

of securities or a mortgage of land.

 

     Enacting section 1. This amendatory act does not take effect

 

unless all of the following bills of the 95th Legislature are

 

enacted into law:

 

     (a) House Bill No. 4619.

 

     (b) Senate Bill No.____ or House Bill No. 5194(request no.

 

02730'09).