Michigan § 555.107 Common trust funds; management; control; ownership.

Michigan Statutes

§ 555.107 — Common trust funds; management; control; ownership.

Michigan § 555.107

Ch. 555USES AND TRUSTS

Act 174 of 1941COLLECTIVE INVESTMENT FUNDS ACT (555.101-555.113)

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Bluebook

Mich. Comp. Laws § 555.107 (2026).

Text

COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.107 Common trust funds; management; control; ownership. Sec.

7.A financial institution has exclusive management and control of a fund administered by it and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising the fund. Exclusive management and control include, but are not limited to, the right to delegate responsibilities to others to the extent a fiduciary may delegate responsibilities under the laws of this state. The ownership of assets in a fund by a financial institution is solely as a fiduciary.

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COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.107 Common trust funds; management; control; ownership. Sec. 7. A financial institution has exclusive management and control of a fund administered by it and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising the fund. Exclusive management and control include, but are not limited to, the right to delegate responsibilities to others to the extent a fiduciary may delegate responsibilities under the laws of this state. The ownership of assets in a fund by a financial institution is solely as a fiduciary.