700.7110 Others treated as qualified beneficiaries.

296 words·~1 min read·/mi/chapter-700/700-7110

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Sec. 7110.

(1)A charitable organization expressly named in the terms of a trust to receive distributions under the terms of a charitable trust has the rights of a qualified trust beneficiary under this article if 1 or more of the following are applicable to the charitable organization on the date the charitable organization's qualification is being determined:

(a)The charitable organization is a distributee or permissible distributee of trust income or principal.

(b)The charitable organization would be a distributee or permissible distributee of trust income or principal on the termination of the interests of other distributees or permissible distributees then receiving or eligible to receive distributions.

(c)The charitable organization would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.

(2)A person appointed to enforce a trust created for the care of an animal under section 7408 or another noncharitable trust under section 7409 has the rights of a qualified trust beneficiary under this article.

(3)During the nondisclosure period of a trust described in section 7409a, a person granted a nondisclosure correlative right or protection power over the trust has the rights of a qualified trust beneficiary under this article.

(4)The attorney general of this state has the following rights with respect to a charitable trust having its principal place of administration in this state:

(a)The rights provided in the supervision of trustees for charitable purposes act, 1961 PA 101, MCL 14.251 to 14.266.

(b)The right to notice of any judicial proceeding and any nonjudicial settlement agreement under section 7111.

History: Add. 2009, Act 46 , Eff. Apr. 1, 2010 ;-- Am. 2024, Act 1 , Imd. Eff. Feb. 21, 2024

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