Michigan § 555.110 - Common trust funds; mistakes in administration; effect.
Full text of Michigan Michigan Compiled Laws § 555.110 — Common trust funds; mistakes in administration; effect., with citation guidance and answers to common questions.
§ 555.110. Common trust funds; mistakes in administration; effect.
A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a violation of this act or any rules or regulations issued under this act, if promptly after discovery of the mistake the financial institution takes whatever action is reasonable under the circumstances to remedy the mistake.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 555.110
What does Michigan Compiled Laws § 555.110 cover?
Section 555.110 ("Common trust funds; mistakes in administration; effect.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 555.110?
A common citation format is "Michigan Compiled Laws § 555.110" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 555.110 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.