Michigan § 555.110 Common trust funds; mistakes in administration; effect.

Michigan Statutes

§ 555.110 — Common trust funds; mistakes in administration; effect.

Michigan § 555.110

Ch. 555USES AND TRUSTS

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

This text of Michigan § 555.110 (Common trust funds; mistakes in administration; effect.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 555.110 (2026).

Text

COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.110 Common trust funds; mistakes in administration; effect. Sec.

10.A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a violation of this act or any rules or regulations issued under this act, if promptly after discovery of the mistake the financial institution takes whatever action is reasonable under the circumstances to remedy the mistake.

Free access — add to your briefcase to read the full text and ask questions with AI

COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.110 Common trust funds; mistakes in administration; effect. Sec. 10. A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a violation of this act or any rules or regulations issued under this act, if promptly after discovery of the mistake the financial institution takes whatever action is reasonable under the circumstances to remedy the mistake.