Skip to main content
Find a Lawyer

Michigan Compiled Laws, Chapter 555. Uses and Trusts § 555.903

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 503. (1) As used in this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than 1 year.

(2) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer an amount for depreciation as follows:

(a) An amount for that portion of real property used or available for use by a beneficiary as a residence or an amount for tangible personal property held or made available for the personal use or enjoyment of a beneficiary.

(b) An amount during the administration of a decedent's estate.

(c) An amount under this section, if the trustee is accounting under section 403  1 for the business or other activity in which the asset is used.

(3) An amount transferred to principal need not be held as a separate fund.

1 M.C.L.A. § 555.803.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 555. Uses and Trusts § 555.903 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-555-uses-and-trusts/mi-comp-laws-555-903/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard