Michigan Compiled Laws Act 433 Of 1998 Michigan Uniform Transfers To Minors Act (554.521 - 554.552)

• Section 554.521 Short Title.
  This act shall be known and may be cited as the “Michigan uniform transfers to minors act”. History: 1998, Act 433, Imd. Eff. Dec....
• Section 554.522 Meanings Of Words And Phrases.
  For the purposes of this act, the words and phrases defined in sections 3 to 5 have the meanings ascribed to them in those...
• Section 554.523 Definitions; A To C.
  (1) “Adult” means an individual who is 18 years of age or older. (2) “Benefit plan” means an employer's plan for the benefit of...
• Section 554.524 Definitions; F To P.
  (1) “Financial institution” means a bank, trust company, savings and loan association, or credit union chartered and supervised under state or federal law. (2)...
• Section 554.525 Definitions; S To T.
  (1) “State” includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject...
• Section 554.526 Change In Residence Of Transferor, Minor, Or Custodian, Or Removal Of Custodial Property From State; Jurisdiction; Governing Laws.
  (1) This act applies to a transfer that refers to this act in the designation by which the transfer is made as provided in...
• Section 554.527 Custodian To Receive Property Upon Occurrence Of Future Event; Nomination; Creation Of Custodial Property.
  (1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a...
• Section 554.528 Transfer By Irrevocable Gift Or Power Of Appointment In Custodian.
  A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian...
• Section 554.529 Irrevocable Transfer By Personal Representative Or Trustee; Designation Of Custodian.
  (1) A personal representative or trustee may make an irrevocable transfer pursuant to section 13 to a custodian for the benefit of a minor...
• Section 554.530 Absence Of Will Or Authorization To Make Irrevocable Transfer; Transfer By Personal Representative, Trustee, Or Conservator; Conditions.
  (1) Subject to subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for...
• Section 554.531 Minor Not Having Conservator; Transfer By Person Holding Property Or Owing Liquidated Debt.
  (1) Subject to subsections (2) and (3), a person not subject to section 9 or 10 who holds property of, or owes a liquidated...
• Section 554.532 Custodial Property; Receipt And Discharge.
  A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this...
• Section 554.533 Creation And Transfer Of Custodial Property; Actions.
  (1) Custodial property is created and a transfer is made whenever an action described in subsections (2) to (8) is taken. (2) A certificated...
• Section 554.534 Instrument; Form.
  An instrument in substantially the following form satisfies the requirements of section 13(2)(b) and 13(8): “TRANSFER UNDER THE MICHIGAN UNIFORM TRANSFERS TO MINORS ACT...
• Section 554.535 Time Of Control; Holding Constituting Single Custodianship.
  (1) A transferor shall place the custodian in control of the custodial property as soon as practicable. (2) A transfer shall be made only...
• Section 554.536 Conditions Not Affecting Validity Of Transfer; Transfer As Irrevocable; Property Indefeasibly Vested In Minor; Powers, Rights, And Immunities.
  (1) The validity of a transfer made in a manner prescribed in this act is not affected by any of the following: (a) Failure...
• Section 554.537 Duties Of Custodian.
  (1) A custodian shall do all of the following: (a) Take control of custodial property. (b) Register or record title to custodial property if...
• Section 554.538 Rights, Powers, And Authority Over Custodial Property; Limitation.
  A custodian, acting in a custodial capacity, has the rights, powers, and authority over custodial property that an unmarried adult owner has over his...
• Section 554.539 Delivery, Payment, Or Expenditure By Custodian.
  (1) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the...
• Section 554.540 Custodian; Expenses; Compensation; Bond.
  (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for a...
• Section 554.541 Responsibility Of Third Person.
  A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to...
• Section 554.542 Liability Of Custodian Or Minor.
  (1) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or...
• Section 554.543 Service As Custodian; Declination; Substitute; Successor.
  (1) A person nominated under section 7 or designated pursuant to section 13 as custodian may decline to serve by delivering a written declination...
• Section 554.544 Resignation, Ineligibility, Death, Or Incapacitation Of Custodian; Possession And Control Of Property And Records; Petition For Removal Of Custodian.
  (1) A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of 14...
• Section 554.545 Accounting.
  (1) A minor who is not less than 14 years of age, the minor's legal representative, an adult member of the minor's family, a...
• Section 554.546 Transfer Of Property To Minor; Time.
  Except as provided in section 27, the custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's...
• Section 554.547 Transfer Of Property To Minor; Delay.
  (1) Transfer of custodial property to the minor that is transferred to the custodian under section 8 or 9 may be delayed as provided...
• Section 554.548 Applicability Of Act To Transfer Described In Mcl 554.526.
  This act applies to a transfer described in section 6 made after the effective date of this act if either of the following is...
• Section 554.549 Applicability Of Act To Transfer Made Before Effective Date.
  (1) Transfer of custodial property made before the effective date of this act is validated notwithstanding that there was no specific authority in former...
• Section 554.550 Construction Of Act.
  This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this...
• Section 554.551 Repeal Of Former 1959 Pa 172; Effect.
  To the extent that this act by virtue of section 29(2) does not apply to a transfer made in a manner prescribed in former...
• Section 554.552 Repeal Of Mcl 554.451 To 554.461.
  The Michigan uniform gifts to minors act, 1959 PA 172, MCL 554.451 to 554.461, is repealed. History: 1998, Act 433, Imd. Eff. Dec. 30,

Last modified: October 10, 2016