700.1214 Fiduciary; prohibited conduct.
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700.1214 Fiduciary; prohibited conduct.
Sec. 1214.
Unless the governing instrument expressly authorizes such a transaction or investment, unless authorized by the court, except as provided in section 3713, 5421, or 7802, or except as provided in section 4405 of the banking code of 1999, 1999 PA 276, MCL 487.14405, a fiduciary in the fiduciary's personal capacity shall not engage in a transaction with the estate that the fiduciary represents and shall not invest estate money in a company, corporation, or association with which the fiduciary is affiliated, other than as a bondholder or minority stockholder.
A fiduciary in the fiduciary's personal capacity shall not personally derive a profit from the purchase, sale, or transfer of the estate's property. A fiduciary's deposit of money in a bank or trust company, in which the fiduciary is interested as an officer, director, or stockholder, does not constitute a violation of this section.
History: 1998, Act 386 , Eff. Apr. 1, 2000 ;-- Am. 2000, Act 54 , Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46 , Eff. Apr. 1, 2010
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