Sec. 3.
(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 an employee or partner.
(3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodity contracts for the person's own account or for the account of others.
(4) "Conservator" means a person appointed or qualified by a court to act as a conservator, special conservator, guardian, limited guardian, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.
(5) "Court" means the probate court for the county in which a minor resides.
(6) "Custodial property" means an interest in property transferred to a custodian under this act and the income from, and proceeds of, that interest in property.
(7) "Custodian" means a person so designated pursuant to section 13 or a successor or substitute custodian designated under section 7, 23, or 24.
History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
Structure Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)
Section 554.521 - Short Title.
Section 554.522 - Meanings of Words and Phrases.
Section 554.523 - Definitions; a to C.
Section 554.524 - Definitions; F to P.
Section 554.525 - Definitions; S to T.
Section 554.528 - Transfer by Irrevocable Gift or Power of Appointment in Custodian.
Section 554.532 - Custodial Property; Receipt and Discharge.
Section 554.533 - Creation and Transfer of Custodial Property; Actions.
Section 554.534 - Instrument; Form.
Section 554.535 - Time of Control; Holding Constituting Single Custodianship.
Section 554.537 - Duties of Custodian.
Section 554.538 - Rights, Powers, and Authority Over Custodial Property; Limitation.
Section 554.539 - Delivery, Payment, or Expenditure by Custodian.
Section 554.540 - Custodian; Expenses; Compensation; Bond.
Section 554.541 - Responsibility of Third Person.
Section 554.542 - Liability of Custodian or Minor.
Section 554.543 - Service as Custodian; Declination; Substitute; Successor.
Section 554.546 - Transfer of Property to Minor; Time.
Section 554.547 - Transfer of Property to Minor; Delay.
Section 554.548 - Applicability of Act to Transfer Described in MCL 554.526.
Section 554.549 - Applicability of Act to Transfer Made Before Effective Date.
Section 554.550 - Construction of Act.