Sec. 29.
(1) Transfer of custodial property made before the effective date of this act is validated notwithstanding that there was no specific authority in former 1959 PA 172 for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2) This act applies to a transfer made before the effective date of this act in a manner and form prescribed in former 1959 PA 172, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on the effective date of this act.
(3) With respect to the age of a minor for whom custodial property is held under this act, sections 3, 4, and 26 do not apply to custodial property held in a custodianship that terminated because the minor becomes 18 years of age after December 31, 1971, and before the effective date of this act.
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.