Section 700.7610 - Presentation of claims to assert liability; time limitation; exceptions.
ESTATES AND PROTECTED INDIVIDUALS CODE (EXCERPT)
Act 386 of 1998
700.7610 Presentation of claims to assert liability; time limitation; exceptions.
Sec. 7610.
(1) Subject to section 7611, if not barred earlier by another statute of limitations, a claim against the settlor of a trust described in section 7606(1) that arose at or before the settlor's death that a person seeks to recover from the trust is barred against the trust, each trustee of the trust, and a trust beneficiary, unless presented within 1 of the following times:
(a) If notice is given in compliance either with section 3801 or section 7608, within 4 months after the date of publication of notice to creditors.
(b) For a creditor known to the personal representative at the time of publication or during the 4 months following publication, or known to the trustee at or during such a time if publication occurred under section 7608, within 28 days after the subsequent sending of notice or 4 months after the date of publication of notice to creditors, whichever is later.
(c) If the notice requirements of either section 3801 or section 7608 are not met, within 3 years after the settlor's death.
(2) This section does not affect or prevent any of the following:
(a) A proceeding to enforce a mortgage, pledge, or other lien upon property held in the trust.
(b) A proceeding to establish the settlor's or the trustee's liability for which the settlor or the trustee is protected by liability insurance to the limits of the insurance protection only.
(c) Collection of compensation for services rendered and reimbursement of expenses advanced by the trustee or by an attorney, auditor, investment adviser, or other specialized agent or assistant for the trustee.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC