reglab/housing_qa huggingface dataset:
MI Comp L § 554.524 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.524 - Definitions; F to P.

554.524 Definitions; F to P. Sec. 4.  (1) "Financial institution" means a bank, trust company, savings and loan association, or credit union chartered and supervised under state or federal law.  (2) "Legal representative" means an individual's personal representative or conservator.  (3) "Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.  (4) "Minor" means an individual who is less than 18 years of age.  (5) "Person" means an individual, partnership, corporation, limited liability company, association, or other legal entity.  (6) "Personal representative" means a personal representative, independent personal representative, or special fiduciary of a decedent's estate or a person legally authorized to perform substantially the same functions. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.525 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.525 - Definitions; S to T.

554.525 Definitions; S to T. 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
MI Comp L § 554.526 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.526 - Change in Residence of Transferor, Minor, or Custodian, or Removal of Custodial Property From State; Jurisdiction; Governing Laws.

554.526 Change in residence of transferor, minor, or custodian, or removal of custodial property from state; jurisdiction; governing laws. Sec. 6.  (1) This act applies to a transfer that refers to this act in the designation by which the transfer is made as provided in section 13 if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this act despite a subsequent change in residence of the transferor, the minor, or the custodian, or the removal of custodial property from this state.  (2) A person designated as custodian under this act is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.  (3) A transfer that purports to be made and that is valid under the uniform transfers to minors act, the uniform gifts to minors act, or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in this state if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.527 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.527 - Custodian to Receive Property Upon Occurrence of Future Event; Nomination; Creation of Custodial Property.

554.527 Custodian to receive property upon occurrence of future event; nomination; creation of custodial property. Sec. 7.  (1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the future event by naming the custodian followed in substance by the words: "as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act". The nomination may name 1 or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, trust, deed, instrument exercising a power of appointment, or writing designating a beneficiary of contractual rights that is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.  (2) A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under section 13.  (3) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section 13. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to section 13. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.528 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.528 - Transfer by Irrevocable Gift or Power of Appointment in Custodian.

554.528 Transfer by irrevocable gift or power of appointment in custodian. Sec. 8.  A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 13. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.529 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.529 - Irrevocable Transfer by Personal Representative or Trustee; Designation of Custodian.

554.529 Irrevocable transfer by personal representative or trustee; designation of custodian. Sec. 9.  (1) A personal representative or trustee may make an irrevocable transfer pursuant to section 13 to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or grantor has nominated a custodian under section 7 to receive the custodial property, the transfer shall be made to the custodian.  (2) If the testator or grantor has not nominated a custodian under section 7, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee shall designate the custodian from among those eligible to serve as custodian for property of that kind under section 13. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.530 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.530 - Absence of Will or Authorization to Make Irrevocable Transfer; Transfer by Personal Representative, Trustee, or Conservator; Conditions.

554.530 Absence of will or authorization to make irrevocable transfer; transfer by personal representative, trustee, or conservator; conditions. Sec. 10.  (1) Subject to subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 13 in the absence of a will or under a will or trust that does not contain an authorization to make the irrevocable transfer.  (2) Subject to subsection (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 13.  (3) A transfer under subsection (1) or (2) may be made only if the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor; the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and, if the transfer exceeds $10,000.00 in value, the transfer is authorized by the court. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.531 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.531 - Minor Not Having Conservator; Transfer by Person Holding Property or Owing Liquidated Debt.

554.531 Minor not having conservator; transfer by person holding property or owing liquidated debt. 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
MI Comp L § 554.532 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.532 - Custodial Property; Receipt and Discharge.

554.532 Custodial property; receipt and discharge. Sec. 12.  A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this act.  History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.534 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.534 - Instrument; Form.

554.534 Instrument; form. Sec. 14.  An instrument in substantially the following form satisfies the requirements of section 13(2)(b) and 13(8):  "TRANSFER UNDER THE MICHIGAN UNIFORM TRANSFERS TO MINORS ACT  I, ____________________ (name of transferor or name and representative capacity, if a fiduciary) transfer to ____________________ (name of custodian), as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act, the following:  (insert a description of the custodial property sufficient to identify it).  Dated: _______________  __________________________________________________  (Signature)  ____________________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Michigan uniform transfers to minors act.  Dated: _______________  _________________________________________"  (Signature of Custodian) History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.535 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.535 - Time of Control; Holding Constituting Single Custodianship.

554.535 Time of control; holding constituting single custodianship. Sec. 15.  (1) A transferor shall place the custodian in control of the custodial property as soon as practicable.  (2) A transfer shall be made only for 1 minor, and only 1 person shall be the custodian. Custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.536 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.536 - Conditions Not Affecting Validity of Transfer; Transfer as Irrevocable; Property Indefeasibly Vested in Minor; Powers, Rights, and Immunities.

554.536 Conditions not affecting validity of transfer; transfer as irrevocable; property indefeasibly vested in minor; powers, rights, and immunities. Sec. 16.  (1) The validity of a transfer made in a manner prescribed in this act is not affected by any of the following:  (a) Failure of the transferor to comply with section 15 concerning control.  (b) Designation of an ineligible custodian, except the transfer is invalidated by designation of a transferor for property for which the transferor is ineligible to serve as custodian under section 13.  (c) Death or incapacity of a person nominated under section 7 or designated under section 13 as custodian or the declination of the office by that person.   (2) A transfer made pursuant to section 13 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has the rights, powers, duties, and authority provided in this act, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this act.  (3) By making a transfer, the transferor incorporates in the disposition the provisions of this act and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this act. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.537 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.537 - Duties of Custodian.

554.537 Duties of custodian. Sec. 17.  (1) A custodian shall do all of the following:  (a) Take control of custodial property.  (b) Register or record title to custodial property if appropriate.  (c) Collect, hold, manage, invest, and reinvest custodial property.  (2) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, in the custodian's discretion and without liability to the minor or the minor's estate, a custodian may retain any custodial property received from a transferor.  (3) A custodian may invest in or pay premiums on life insurance or endowment policies on the life of the minor only if the minor or the minor's estate is the sole beneficiary, or the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the irrevocable beneficiary.  (4) A custodian at all times shall keep custodial property separate and distinct from other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded. Custodial property subject to registration is so identified if it is either registered or held in an account designated in the name of the custodian, followed in substance by the words: "as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act".  (5) A custodian shall keep a record of each transaction with respect to custodial property, including information necessary for the preparation of the minor's tax return, and shall make the records available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor is at least 14 years of age. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.538 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.538 - Rights, Powers, and Authority Over Custodial Property; Limitation.

554.538 Rights, powers, and authority over custodial property; limitation. Sec. 18.  A custodian, acting in a custodial capacity, has the rights, powers, and authority over custodial property that an unmarried adult owner has over his or her own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This section does not relieve a custodian from liability for breach of section 17. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.539 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.539 - Delivery, Payment, or Expenditure by Custodian.

554.539 Delivery, payment, or expenditure by custodian. Sec. 19.  (1) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor without court order, without regard to the duty or ability of the custodian personally or of any other person to support the minor, and without regard to other income or property of the minor that may be applicable or available for that purpose.  (2) On petition of an interested person or the minor if the minor is at least 14 years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.  (3) A delivery, payment, or expenditure under this section is in addition to, is not in substitution for, and does not affect an obligation of a person to support the minor. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.540 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.540 - Custodian; Expenses; Compensation; Bond.

554.540 Custodian; expenses; compensation; bond. Sec. 20.  (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for a person who is a transferor under section 8, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.  (2) Except as provided in section 24, a custodian need not give a bond. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.541 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.541 - Responsibility of Third Person.

554.541 Responsibility of third person. Sec. 21.  A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining any of the following:  (a) The validity of the purported custodian's designation.  (b) The propriety of, or the authority under this act for, an act of the purported custodian.  (c) The validity or propriety under this act of an instrument executed or given either by the person purporting to make a transfer or by the purported custodian.  (d) The propriety of the application of property of the minor delivered to the purported custodian. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.542 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.542 - Liability of Custodian or Minor.

554.542 Liability of custodian or minor. Sec. 22.  (1) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable for the contract, obligation, or tort.  (2) A custodian is not personally liable in any of the following situations:  (a) On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and fails to identify the custodianship in the contract.   (b) For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.  (3) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
MI Comp L § 554.543 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552)|Section 554.543 - Service as Custodian; Declination; Substitute; Successor.

554.543 Service as custodian; declination; substitute; successor. Sec. 23.  (1) A person nominated under section 7 or designated pursuant to section 13 as custodian may decline to serve by delivering a written declination to the person who made the nomination or to the transferor or the transferor's legal representative. The declination shall describe the custodianship being declined and shall be signed by the person declining.  (2) If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under section 7, the person who made the nomination may nominate a substitute custodian under section 7. If a substitute custodian is not nominated, the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer. A substitute custodian shall be nominated or designated from among the persons eligible to serve as custodian for that kind of property under section 13. The custodian so designated has the rights of a successor custodian.  (3) A custodian at any time may designate a trust company or an adult other than a transferor under section 8 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain, or is not accompanied by, the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998