2010 Michigan Compiled Laws
Chapter 554 - REAL AND PERSONAL PROPERTY
Act 148 of 2008 - PERSONAL PROPERTY TRUST PERPETUITIES ACT (554.91 - 554.94)
Section 554.92 - Definitions.
PERSONAL PROPERTY TRUST PERPETUITIES ACT (EXCERPT)Act 148 of 2008
554.92 Definitions.
Sec. 2.
As used in this act:
(a) "First power" means a nonfiduciary, nongeneral power of appointment over personal property held in trust that is exercised so as to subject the property to, or to create, another power of appointment.
(b) "Nonfiduciary" means, with respect to a power of appointment, that the power of appointment is not held by a trustee in a fiduciary capacity.
(c) "Second power" means a nonfiduciary power of appointment over personal property held in trust that is created or to which property is subjected by the exercise of a first power and that is not a presently exercisable general power.
(d) "Uniform statutory rule against perpetuities" means the uniform statutory rule against perpetuities, 1988 PA 418, MCL 554.71 to 554.78.
History: 2008, Act 148, Imd. Eff. May 28, 2008
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