Sec. 7903.
(1) A trustee is accountable to an affected trust beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.
(2) Absent a breach of trust, a trustee is not liable to a trust beneficiary for a loss or depreciation in the value of trust property, for failure to generate income, or for not having made a profit.
(3) This section does not do either of the following:
(a) Limit a trustee's right to compensation under section 7708 or payments allowed under section 7802(5).
(b) Make a trustee accountable to an affected beneficiary in connection with a matter to which section 4405 of the banking code of 1999, 1999 PA 276, MCL 487.14405, applies and the requirements of that section have been satisfied.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC