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MI HB5398
Bill
Status
12/28/2018
Primary Sponsor
Peter Lucido
Click for details
AI Summary
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Allows instruments conveying or affecting real property in trust to be accompanied by either a copy of the trust instrument or a certificate of trust under the Estates and Protected Individuals Code.
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Permits recording of trust instruments or certificates of trust as separate documents in the register of deeds office for each county where the affected real property is located.
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Provides that purchasers relying on a recorded certificate of trust receive the same legal protection as subsequent purchasers in good faith under Michigan property law.
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Specifies that purchasers are not required to examine the full trust instrument unless an amendment or revocation has been recorded in the same register of deeds office.
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Repeals sections 2, 3, and 6 of the 1991 PA 133 trust statute, effective December 27, 2018.
Legislative Description
Probate; trusts; use of a certificate of trust under the estates and protected individuals code for a trust that affects real property; allow. Amends title & secs. 1 & 5 of 1991 PA 133 (MCL 565.431 & 565.435) & repeals secs. 2, 3, 4 & 6 of 1991 PA 133 (MCL 565.432 et seq.).
Property: other
Last Action
Assigned Pa 492'18 With Immediate Effect
12/28/2018