MCL - Index of Act 159 of 2004
NOTE: Dates reflect any modification to item, not necessarily a change in law.
| Title | Subject |
|---|---|
| Act 159 of 2004 | UNIFORM PRINCIPAL AND INCOME ACT (555.501 - 555.1006) |
| 159-2004-1 | ARTICLE 1 (555.501...555.505) |
| Section 555.501 | Short title. |
| Section 555.502 | Definitions. |
| Section 555.503 | Duties of fiduciary; allocation of receipts and disbursements to or between principal and income; discretionary power; impartiality. |
| Section 555.504 | Adjustment between principal and income; factors; policy; circumstances prohibiting adjustment; exercise of power by cofiduciary; release of or limitation on power to adjust. |
| Section 555.505 | Exercise of discretionary power by fiduciary; limitation on court to order; decision; petition; burden of proof. |
| 159-2004-2 | ARTICLE 2 (555.601...555.602) |
| Section 555.601 | Death or termination of trust; duties of fiduciary. |
| Section 555.602 | Beneficiary's share of net income; determination; maintenance of records by fiduciary. |
| 159-2004-3 | ARTICLE 3 (555.701...555.703) |
| Section 555.701 | Income interest; beginning and ending date; conditions. |
| Section 555.702 | Allocation of income receipt or disbursement; occurrence of due date; accrual. |
| Section 555.703 | Undistributed income. |
| 159-2004-4 | ARTICLE 4 (555.801...555.815) |
| Section 555.801 | “Entity” defined; allocation to income money received; allocation of receipts to principal; money received in partial liquidation; limitation; statement by entity on source or character of distribution. |
| Section 555.802 | Income; principal; allocation of amounts received as distributions from trust or purchased interest. |
| Section 555.803 | Separate accounting for business or other activity. |
| Section 555.804 | Principal; allocations. |
| Section 555.805 | Receipts from rental property. |
| Section 555.806 | Interest received; allocation to income; proceeds of sale; allocation to principal. |
| Section 555.807 | Life insurance proceeds; other contracts; allocations. |
| Section 555.808 | Insubstantial allocation. |
| Section 555.809 | Definitions; payment allocation. |
| Section 555.810 | Liquidating asset; allocation of receipts. |
| Section 555.811 | Receipts from minerals, water, or other natural resources; allocations. |
| Section 555.812 | Net receipts from sale of timber; allocations. |
| Section 555.813 | Marital deduction; insufficient income from or use of trust assets; actions to be taken by trustee. |
| Section 555.814 | Derivative transactions; gain or loss realized from exercise of option; allocations. |
| Section 555.815 | Asset-backed security; allocation of payments. |
| 159-2004-5 | ARTICLE 5 (555.901...555.906) |
| Section 555.901 | Income disbursements. |
| Section 555.902 | Principal disbursements. |
| Section 555.903 | Depreciation; amount transferred to principal. |
| Section 555.904 | Principal disbursement; transfer of amount to provide reserve. |
| Section 555.905 | Tax payments. |
| Section 555.906 | Income beneficiaries and remainder benefits; adjustments between principal and income. |
| 159-2004-6 | ARTICLE 6 (555.1001...555.1006) |
| Section 555.1001 | Application and construction of act. |
| Section 555.1002 | Severability. |
| Section 555.1003 | Repeal of MCL 555.51 to 555.68. |
| Section 555.1004 | Effective date. |
| Section 555.1005 | Applicability to trust or estate on effective date of act. |
| Section 555.1006 | Applicability of MCL 555.409 to certain trusts; dates. |