2006 Michigan Compiled Laws - Mich. Comp. Laws § 451.1204 Restriction on expenditure of net appreciation.
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Act 157 of 1976 451.1204 Restriction on expenditure of net appreciation. Sec. 4. Section 3 does not apply if the applicable gift instrument indicates the donor's intention that net appreciation shall not be expended. A restriction upon the expenditure of net appreciation may not be implied from a designation of a gift as an endowment, or from a direction or authorization in the applicable gift instrument to use only income, interest, dividends, or rents, issues or profits, or to preserve the principal intact, or a direction which contains other words of similar import. This rule of construction applies to gift instruments executed or in effect before or after the effective date of this act.
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