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Act 433 of 1998
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Act 433 of 1998

AN ACT to regulate certain transfers of property to minors; to make uniform the law regulating certain transfers to property to minors; and to repeal acts and parts of acts.

History: 1998, Act 433, Imd. Eff. Dec. 30, 1998

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 554.521SectionShort title.
Section 554.522SectionMeanings of words and phrases.
Section 554.523SectionDefinitions; A to C.
Section 554.524SectionDefinitions; F to P.
Section 554.525SectionDefinitions; S to T.
Section 554.526SectionChange in residence of transferor, minor, or custodian, or removal of custodial property from state; jurisdiction; governing laws.
Section 554.527SectionCustodian to receive property upon occurrence of future event; nomination; creation of custodial property.
Section 554.528SectionTransfer by irrevocable gift or power of appointment in custodian.
Section 554.529SectionIrrevocable transfer by personal representative or trustee; designation of custodian.
Section 554.530SectionAbsence of will or authorization to make irrevocable transfer; transfer by personal representative, trustee, or conservator; conditions.
Section 554.531SectionMinor not having conservator; transfer by person holding property or owing liquidated debt.
Section 554.532SectionCustodial property; receipt and discharge.
Section 554.533SectionCreation and transfer of custodial property; actions.
Section 554.534SectionInstrument; form.
Section 554.535SectionTime of control; holding constituting single custodianship.
Section 554.536SectionConditions not affecting validity of transfer; transfer as irrevocable; property indefeasibly vested in minor; powers, rights, and immunities.
Section 554.537SectionDuties of custodian.
Section 554.538SectionRights, powers, and authority over custodial property; limitation.
Section 554.539SectionDelivery, payment, or expenditure by custodian.
Section 554.540SectionCustodian; expenses; compensation; bond.
Section 554.541SectionResponsibility of third person.
Section 554.542SectionLiability of custodian or minor.
Section 554.543SectionService as custodian; declination; substitute; successor.
Section 554.544SectionResignation, ineligibility, death, or incapacitation of custodian; possession and control of property and records; petition for removal of custodian.
Section 554.545SectionAccounting.
Section 554.546SectionTransfer of property to minor; time.
Section 554.547SectionTransfer of property to minor; delay.
Section 554.548SectionApplicability of act to transfer described in MCL 554.526.
Section 554.549SectionApplicability of act to transfer made before effective date.
Section 554.550SectionConstruction of act.
Section 554.551SectionRepeal of former 1959 PA 172; effect.
Section 554.552SectionRepeal of MCL 554.451 to 554.461.
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