HOUSE BILL No. 5336


     February 9, 2000, Introduced by Rep. Wojno and referred to the Committee on Insurance and Financial Services.


        A bill to amend 1998 PA 386, entitled

   "Estates and protected individuals code,"

   by amending section 1214 (MCL 700.1214).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1
           Sec. 1214.  Unless the governing instrument expressly autho-

 2
      rizes such a transaction or investment, unless authorized by the

 3
      court, or except as provided in section  185  4405 of the banking

 4
      code of  1969, 1969 PA 319, MCL 487.485  1999, MCL 487.14405, a

 5
      fiduciary in the fiduciary's personal capacity shall not engage

 6
      in a transaction with the estate that the fiduciary represents

 7
      and shall not invest estate money in a company, corporation, or

 8
      association with which the fiduciary is affiliated, other than as

 9
      a bondholder or minority stockholder.  A fiduciary in the

10
      fiduciary's personal capacity shall not personally derive a

11
      profit from the purchase, sale, or transfer of the estate's


   02983'99 h                                               SAT
                                                2

 1
      property.  A fiduciary's deposit of money in a bank or trust

 2
      company, in which the fiduciary is interested as an officer,

 3
      director, or stockholder, does not constitute a violation of this

 4
      section.

 5
           Enacting section 1.  This amendatory act takes effect April

 6
      1, 2000.

 7
           Enacting section 2.  This amendatory act does not take

 8
      effect unless Senate Bill No. _____ or House Bill No. _____

 9
      (request no. 02983'99) of the 90th Legislature is enacted into

10
      law.




































   02983'99 h          Final page.                          SAT