2010 Michigan Compiled Laws
Chapter 556 - POWERS OF APPOINTMENT
Act 224 of 1967 - POWERS OF APPOINTMENT ACT OF 1967 (556.111 - 556.133)
Section 556.120 - Contracts of donees of powers to make appointments; remedies.
POWERS OF APPOINTMENT ACT OF 1967 (EXCERPT)Act 224 of 1967
556.120 Contracts of donees of powers to make appointments; remedies.
Sec. 10.
(1) Unless the creating instrument provides otherwise, the donee of a power, presently exercisable, can contract to make an appointment, if neither the contract nor the promised appointment confers a benefit upon a person who is not a permissible appointee under the power.
(2) Unless the creating instrument provides otherwise, the donee of a power not presently exercisable cannot contract to make an appointment. If the donee cannot contract to make an appointment, but nevertheless does so contract, the promisee cannot obtain either specific performance or damages, except that he can obtain damages equal to the value given by him for the promise.
History: 1967, Act 224, Eff. Nov. 2, 1967
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
