Bill Text: MI HB5362 | 2017-2018 | 99th Legislature | Engrossed
Bill Title: Probate; trusts; information required in a certificate of trust; modify. Amends sec. 7913 of 1998 PA 386 (MCL 700.7913).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2018-12-28 - Assigned Pa 491'18 With Immediate Effect [HB5362 Detail]
Download: Michigan-2017-HB5362-Engrossed.html
HB-5362, As Passed Senate, December 13, 2018
SUBSTITUTE FOR
HOUSE BILL NO. 5362
A bill to amend 1998 PA 386, entitled
"Estates and protected individuals code,"
by amending section 7913 (MCL 700.7913), as added by 2009 PA 46.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 7913. (1) Instead of furnishing a copy of the trust
instrument to a person other than a trust beneficiary, the trustee
may
furnish to the person a certificate of trust containing that
must include all of the following information:
(a)
The name of the trust, and the date of the trust, and the
date
of each operative trust instrument. and
any amendments.
(b)
The name and address of the currently acting each current
trustee.
(c) The powers of the trustee relating to the purposes for
which the certificate of trust is being offered.
(d) The revocability or irrevocability of the trust and the
identity of any person holding a power to revoke the trust.
(e) The authority of cotrustees to sign on behalf of the trust
or otherwise authenticate on behalf of the trust and whether all or
less
than all of the cotrustees are required in order to exercise
powers of the trustee.
(2) A certificate of trust may be signed or otherwise
authenticated by the settlor, any trustee, or an attorney for the
settlor
or trustee. The certificate shall must be in the form of an
affidavit.
(3)
A certificate of trust shall must
state that the trust has
not been revoked, modified, or amended in any manner that would
cause
the representations contained included
in the certificate of
trust to be incorrect.
(4)
A certificate of trust need not contain include the
dispositive terms of the trust instrument.
(5) A recipient of a certificate of trust may require the
trustee
to furnish copies of those excerpts from the original each
trust
instrument and later amendments that designate the trustee
and
confer upon on the trustee the power to act in the pending
transaction.
(6)
A person who that acts in reliance upon on a
certificate
of
trust without knowledge that the representations contained
included in the certificate of trust are incorrect is not liable to
any person for so acting and may assume without inquiry the
existence
of the trust and other facts contained included in
the
certificate of trust.
(7)
A person who that in good faith enters into a transaction
in
reliance upon on a certificate of trust may enforce the
transaction against the trust property as if the representations
contained
included in the certificate of trust were correct.
(8)
A person making that makes
a demand for the trust
instrument in addition to a certificate of trust or excerpts of the
trust instrument is liable for damages, costs, expenses, and legal
fees
if the court determines that the person was that made the
demand
did not acting act pursuant
to a legal requirement in
demanding
to demand the trust instrument.
(9) This section does not limit the right of a person to
obtain a copy of the trust instrument in a judicial proceeding
concerning
that concerns the trust.
