Sec. 11.
(1) Subject to subsections (2) and (3), a person not subject to section 9 or 10 who holds property of, or owes a liquidated debt to, a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 13.
(2) If a person having the right to do so under section 7 has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.
(3) If no custodian has been nominated under section 7, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company. If the value of the property exceeds $10,000.00, a transfer under this subsection shall only be made if authorized by the court.
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.