Loading chat...
MI HB5793
Bill
Status
6/6/2024
Primary Sponsor
Jim Haadsma
Click for details
AI Summary
-
Replaces "shall" with "must" in sections 3 and 5 for consistency with modern legislative drafting standards.
-
Clarifies that nonvested property interests or powers of appointment created through transfers to previously funded trusts are measured from the original contribution's creation date, except as provided in section 5(2).
-
Establishes that section 2 of the rule against perpetuities applies to interests or powers created by exercising a "second power" under the Personal Property Trust Perpetuities Act (2008 PA 148), using a 360-year period instead of 90 years for determining compliance.
-
Defines "second power" by reference to section 2 of the Personal Property Trust Perpetuities Act (MCL 554.92).
-
Changes pronouns from "who" to "that" in subsection (2) for grammatical consistency.
Legislative Description
Probate: trusts; uniform statutory rule against perpetuities; revise to reflect limitation of the personal property trust perpetuities act to certain property. Amends secs. 3 & 5 of 1988 PA 418 (MCL 554.73 & 554.75).
Property: other
Last Action
Bill Electronically Reproduced 06/06/2024
6/11/2024