Sec. 5.
(1) "State" includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
(2) "Transfer" means a transaction that creates custodial property under section 13.
(3) "Transferor" means a person who makes a transfer under this act.
(4) "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
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.