Introduced
by
To exempt real property held in certain trusts from the law against "perpetuities.” "Perpetuities" is a legal doctrine intended to prevent assets from being tied-up in long-term family or "dynasty" trusts. However, the law has had the effect of causing trusts to be set up in other states.
Referred to the Committee on Judiciary
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details of the perpetual trust law passed several months earlier, but which does not expand the scope of that law to include real property. This version was subsequently superseded by another substitute with more changes.
The substitute failed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that revises details of the perpetual trust law passed several months earlier, but which does not expand the scope of that law to include real property.
The substitute passed by voice vote
Amendment offered
by
To establish a new date on which the bill will go into effect.
The amendment passed by voice vote
Passed in the House 103 to 3 (details)
To refine a detail of the <a href="http://www.michiganvotes.org/2008-HB-5909">new law</a> that allowed for the creation of perpetual trusts involving personal property, so that the new law does what was intended. See House Fiscal Agency <a href="http://www.legislature.mi.gov/documents/2007-2008/billanalysis/House/htm/2007-HLA-6539-3.htm">analysis</a> for details.
Referred to the Committee on Judiciary
Reported without amendment
With the recommendation that the bill pass.
