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32 chapters · 254 sections in this title.
Mich. Comp. Laws § 554.91 Short title.
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Sec. 1. This act shall be known and may be cited as the "personal property trust perpetuities act".
Mich. Comp. Laws § 554.92 Vesting of future interests; timing; exceptions; definitions.
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Sec. 2. (1) Except as provided in subsection (2), the period during which the vesting of a future interest in property may be postponed by the exercise of a second power is determined under the uniform statutory rule against perpetuities by reference to the time of the creation o…
Mich. Comp. Laws § 554.93 Interests in personal property held in trust; application of rules.
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Sec. 3. (1) Except as provided in section 2, an interest in, or power of appointment over, personal property held in trust is not invalidated by a rule against any of the following: (a) Perpetuities. (b) Suspension of absolute ownership. (c) Suspension of the power of alienation.…
Mich. Comp. Laws § 554.94 Applicability of act to certain personal property; scope of trust.
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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 t…