Michigan § 555.807 - Life insurance proceeds; other contracts; allocations.
Full text of Michigan Michigan Compiled Laws § 555.807 — Life insurance proceeds; other contracts; allocations., with citation guidance and answers to common questions.
§ 555.807. Life insurance proceeds; other contracts; allocations.
Except as otherwise provided in subsection (2), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income and to principal if the premiums are paid from principal.
A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to section 403, loss of profits from a business.
This section does not apply to a payment to which section 409 applies.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 555.807
What does Michigan Compiled Laws § 555.807 cover?
Section 555.807 ("Life insurance proceeds; other contracts; allocations.") 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 § 555.807?
A common citation format is "Michigan Compiled Laws § 555.807" (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 § 555.807 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.