Sec. 27.
(1) Transfer of custodial property to the minor that is transferred to the custodian under section 8 or 9 may be delayed as provided in this section until a specified time after the minor is 18 years of age. The time of transfer to the minor shall be specified in the transfer executed under section 13 by using the words "as custodian for (name of minor) until age _____ under the Michigan uniform transfers to minors act".
(2) Transfer to the minor of custodial property transferred to the custodian under section 8 shall not be delayed later than the minor's twenty-first birthday. Transfer to the minor of custodial property transferred to the custodian under section 9 shall not be delayed unless the governing will or trust provides in substance that the custodianship continues until the minor is a specified age, not later than the minor's twenty-first birthday and that the will or trust determines the time to be specified in the transfer.
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.