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Form a Business

Common trust funds; participation; certificate.

MCL 555.106
in effect
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555.106. Common trust funds; participation; certificate. Sec. 6. (1) A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund, except to provide a withdrawing account with a record of an interest in a segregated investment. (2) An account owning or holding an investment or participation in a fund has a proportionate undivided interest in the fund's assets. The account does not have individual ownership of any asset in the fund. 1941, Act 174, Eff. Jan. 10, 1942; CL 1948, 555.106; Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 [PopularName] Common Trust Fund Act
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-555-106Fetched: 10/20/2026

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