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Code · Michigan · Chapter 700 — Estates and Protected Individuals Code

700.7705 Resignation of trustee; circumstances; issuance of orders and conditions; liability.

118 words·~1 min read·/mi/chapter-700/700-7705

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700.7705 Resignation of trustee; circumstances; issuance of orders and conditions; liability.
Sec. 7705.
(1)A trustee may resign in either of the following circumstances:
(a)Upon at least 28 days' notice to the qualified trust beneficiaries, the holders of powers of appointment, and all cotrustees.
(b)With the approval of the court.
(2)In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(3)Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
History: Add. 2009, Act 46 , Eff. Apr. 1, 2010
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