Michigan § 554.94 Applicability of act to certain personal property; scope of trust.

Michigan Statutes

§ 554.94 — Applicability of act to certain personal property; scope of trust.

Michigan § 554.94

Ch. 554REAL AND PERSONAL PROPERTY

Act 148 of 2008PERSONAL PROPERTY TRUST PERPETUITIES ACT (554.91-554.94)

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Bluebook

Mich. Comp. Laws § 554.94 (2026).

Text

PERSONAL PROPERTY TRUST PERPETUITIES ACT (EXCERPT) Act 148 of 2008 554.94 Applicability of act to certain personal property; scope of trust. Sec. 4.

(1)This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.

(2)For purposes of this section, both of the following apply:

(a)A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.

(b)A trust is a "special appointee trust" to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of th

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PERSONAL PROPERTY TRUST PERPETUITIES ACT (EXCERPT) Act 148 of 2008 554.94 Applicability of act to certain personal property; scope of trust. Sec. 4. (1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust. (2) For purposes of this section, both of the following apply: (a) A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable. (b) A trust is a "special appointee trust" to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of the following apply to the assets: (i) The assets have continuously been held in trust since September 25, 1985. (ii) The assets have not become subject to a general power of appointment since September 25, 1985.