MCL 700.1015 Duties and Authority of Fiduciary

• Library: Michigan Statutes
• Edition: 2023
• Currency: Current through Public Act 321 of the 2023 Legislative Session
• Year: 2023
• Citation: MCL 700.1015

(1) The legal duties imposed on a fiduciary charged with managing tangible personal property apply to the management of digital assets, including all of the following:

(a) The duty of care.

(b) The duty of loyalty.

(c) The duty of confidentiality.

(2) All of the following apply to a fiduciary's or designated recipient's authority with respect to a digital asset of a user:

(a) Except as otherwise provided in section 4, it is subject to the applicable terms-of-service agreement.

(b) It is subject to other applicable laws, including copyright law.

(c) For a fiduciary, it is limited to the scope of the fiduciary's duties.

(d) It may not be used to impersonate the user.

(3) A fiduciary with authority over the property of a decedent, protected person, principal, or settlor has the right to access any digital asset in which the decedent, protected person, principal, or settlor had a right or interest and that is not held by a digital custodian or subject to a terms-of-service agreement.

(4) A fiduciary acting within the scope of the fiduciary's duties is an authorized user of the property of the decedent, protected person, principal, or settlor for the purpose of applicable computer fraud and unauthorized computer access laws, including, but not limited to, all of the following:

(a) Section 5 of 1979 PA 53, MCL 752.795.

(b) Section 540 of the Michigan penal code, 1931 PA 328, MCL 750.540.

(c) Section 157n of the Michigan penal code, 1931 PA 328, MCL 750.157n, to the extent that the property is a financial transaction device as that term is defined in section 157m of the Michigan penal code, 1931 PA 328, MCL 750.157m.

(5) All of the following apply to a fiduciary with authority over tangible personal property of a decedent, protected person, principal, or settlor:

(a) The fiduciary has the right to access the property and any digital asset stored in it.