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Code · Michigan · Chapter 555 — Uses and Trusts

555.106 Common trust funds; participation; certificate.

112 words·~1 min read·/mi/chapter-555/555-106

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555.106 Common trust funds; participation; certificate.
Sec. 6.
(1)A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund, except to provide a withdrawing account with a record of an interest in a segregated investment.
(2)An account owning or holding an investment or participation in a fund has a proportionate undivided interest in the fund's assets. The account does not have individual ownership of any asset in the fund.
History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.106 ;-- Am. 2004, Act 586 , Imd. Eff. Jan. 4, 2005
Popular Name: Common Trust Fund Act
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