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Michigan Legislature
Michigan Compiled Laws Complete Through PA 19 of 2024
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Senate: Adjourned until Tuesday, April 9, 2024 10:00:00 AM


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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 556 - POWERS OF APPOINTMENT
R.S. of 1846 ‑ Repealed-Revised Statutes of 1846 (556.1 - 556.62)
Act 296 of 1945 ‑ Repealed-RELEASE BY DONEE OF POWER OF APPOINTMENT (556.101 - 556.106)
Act 224 of 1967 ‑ POWERS OF APPOINTMENT ACT OF 1967 (556.111 - 556.133)
     Section 556.111 ‑ Powers of appointment act; short title.
     Section 556.112 ‑ Powers of appointment act; definitions.
     Section 556.113 ‑ Powers of appointment; creation; donors, qualifications.
     Section 556.114 ‑ Manifestation of intent to exercise.
     Section 556.115 ‑ Methods by which powers may be exercised by donees.
     Section 556.115a ‑ Second trust.
     Section 556.116 ‑ Interests appointable by general powers; part of donee's estate.
     Section 556.117 ‑ Naming appointees by donees of powers.
     Section 556.118 ‑ Release of powers; method; delivery.
     Section 556.119 ‑ Creation, exercise and release of powers; irrevocability.
     Section 556.120 ‑ Contracts of donees of powers to make appointments; remedies.
     Section 556.121 ‑ Instruments relating to powers to appoint interests in land; recording as conveyances.
     Section 556.122 ‑ Special power; passing on donee's default.
     Section 556.123 ‑ General powers; creditors' rights in appointable interests.
     Section 556.124 ‑ Suspension or postponement of vesting of future interests; time period; definitions.
     Section 556.125 ‑ Suspension or postponement of vesting of future interests; time period when trust creator reserves power to amend or revoke.
     Section 556.126 ‑ Postponement of vesting of future interests; law determining period.
     Section 556.127 ‑ Postponement of vesting of future interests; facts and circumstances to be considered.
     Section 556.128 ‑ Reserved power of revocation; effect on creditors and purchasers.
     Section 556.129 ‑ Law applicability; construction of act.
     Section 556.130 ‑ Death of appointee prior to exercise of power.
     Section 556.131 ‑ Membership of class; determination; after born members.
     Section 556.132 ‑ Applicability of act.
     Section 556.133 ‑ Repeal.
Act 376 of 1976 ‑ Repealed-DURABLE POWER OF ATTORNEY (556.151 - 556.153)
Act 187 of 2023 ‑ UNIFORM POWER OF ATTORNEY ACT (556.201.new - 556.505.new)
***** Act 187 of 2023 THIS NEW ACT IS EFFECTIVE JULY 1, 2024 *****
     187‑2023‑1 ‑ ARTICLE 1 GENERAL PROVISIONS (556.201.new...556.223.new)
          Section 556.201.new ‑ Short title.
          Section 556.202.new ‑ Definitions.
          Section 556.202a.new ‑ Notice or knowledge of a fact involving a power of attorney.
          Section 556.203.new ‑ Applicability of act.
          Section 556.204.new ‑ Limited presumption of durability.
          Section 556.205.new ‑ Execution of power of attorney; requirements.
          Section 556.206.new ‑ Validity of power of attorney.
          Section 556.207.new ‑ Meaning and effect of power of attorney.
          Section 556.208.new ‑ Nomination of conservator or guardian; relation of agent to court-appointed fiduciary.
          Section 556.209.new ‑ Effective date of power of attorney.
          Section 556.210.new ‑ Termination of power of attorney or agents authority.
          Section 556.211.new ‑ Designation of agents and successor agents.
          Section 556.212.new ‑ Reimbursement and compensation of agent.
          Section 556.213.new ‑ Agent's acceptance; acknowledgement of duties.
          Section 556.214.new ‑ Agent's duties; liability; breach of fiduciary duty.
          Section 556.215.new ‑ Exoneration of agent for breach of duty; exceptions.
          Section 556.216.new ‑ Judicial relief; dismissal of petition.
          Section 556.217.new ‑ Violation of act; agent's liability.
          Section 556.218.new ‑ Agent's resignation; notice.
          Section 556.219.new ‑ Acceptance of and reliance upon acknowledged power of attorney; good faith.
          Section 556.220.new ‑ Acceptance of acknowledged power of attorney; exceptions; liability for refusal to accept acknowledged power of attorney.
          Section 556.221.new ‑ Principles of common law and equity.
          Section 556.222.new ‑ Laws applicable to financial institutions and certain other entities.
          Section 556.223.new ‑ Remedies under other law.
     187‑2023‑2 ‑ ARTICLE 2 AUTHORITY (556.301.new...556.317.new)
          Section 556.301.new ‑ Express or specific grant of authority; grant of general authority.
          Section 556.302.new ‑ Incorporation of authority.
          Section 556.303.new ‑ Powers of agent with a grant of general authority.
          Section 556.304.new ‑ Authority of agent; real property.
          Section 556.305.new ‑ Authority of agent; tangible personal property.
          Section 556.306.new ‑ Authority of agent; stocks and bonds.
          Section 556.307.new ‑ Authority of agent; commodities and options.
          Section 556.308.new ‑ Authority of agent; banks and other financial institutions.
          Section 556.309.new ‑ Authority of agent; operation of an entity or business.
          Section 556.310.new ‑ Authority of agent; insurance and annuities.
          Section 556.311.new ‑ Authority of agent; estates, trusts, and other beneficial interests.
          Section 556.312.new ‑ Authority of agent; claims and litigation.
          Section 556.313.new ‑ Authority of agent; personal and family maintenance.
          Section 556.314.new ‑ Authority of agent; benefits from governmental programs or civil or military service.
          Section 556.315.new ‑ Authority of agent; retirement plans.
          Section 556.316.new ‑ Authority of agent; taxes.
          Section 556.317.new ‑ Authority of agent; gifts.
     187‑2023‑3 ‑ ARTICLE 3 STATUTORY FORMS (556.401.new...556.403.new)
          Section 556.401.new ‑ Statutory form power of attorney.
          Section 556.402.new ‑ Agent's acknowledgment form.
          Section 556.403.new ‑ Certification of validity of power of attorney by agent or attorney at law.
     187‑2023‑4 ‑ ARTICLE 4 MISCELLANEOUS PROVISIONS (556.501.new...556.505.new)
          Section 556.501.new ‑ Uniformity of application and construction.
          Section 556.502.new ‑ Relation to electronic signatures in global and national commerce act.
          Section 556.503.new ‑ Effect on existing powers of attorney.
          Section 556.504.new ‑ Repeal of MCL 700.5501-700.5505.
          Section 556.505.new ‑ Effective date.

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