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

700.7912 Protection of person dealing with trustee.

206 words·~1 min read·/mi/chapter-700/700-7912

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700.7912 Protection of person dealing with trustee.
Sec. 7912.
(1)A person other than a trust beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.
(2)A person other than a trust beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of the exercise of the powers.
(3)A person who in good faith delivers assets to a trustee need not ensure the proper application of the assets.
(4)A person other than a trust beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.
(5)Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.
History: Add. 2009, Act 46 , Eff. Apr. 1, 2010
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