reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 42 of 1963 - Termination of Oil or Gas Interests in Land (554.291 - 554.294) › Section 554.292 - Preservation of Oil or Gas Interest; Recording of Interest Notice Claimed; Applicability of Act.

554.292 Preservation of oil or gas interest; recording of interest notice claimed; applicability of act.
Sec. 2.
(1) Any interest in oil or gas referred to in this act may be preserved by recording within the period specified in this act a written notice in the register of deeds office for the county in which the land is located. The notice shall be verified by oath and shall describe the land and the nature of the interest claimed, give the name and address of the person or persons claiming the interest, and state that the person or persons desire to preserve the interest and do not intend to abandon the interest.
(2) A person other than the owner of the surface holding interests in oil or gas in any land for use in underground gas storage operations may preserve the oil or gas interests, and the rights of any lessor of the oil or gas interests, by recording a single written notice defining the boundaries of and the formations included in the underground gas storage field or pool within which the oil or gas interests are located, without the necessity of describing each separate oil or gas interest claimed in that underground gas storage field or pool by that person.
(3) Recording a written notice under this section shall operate to preserve the oil or gas interest included in the written notice from abandonment under this act for a period of 20 years after recording. At the conclusion of that 20-year period, that interest in oil or gas shall be deemed abandoned if, during that 20-year period, the nondormant character of the oil or gas interest has not been evidenced by sale, lease, mortgage, or transfer by instrument recorded in the register of deeds office for the county in which that oil or gas interest is located, a drilling permit issued, oil or gas actually produced or withdrawn from said lands, or from lands covered by a lease to which that interest in oil or gas is subject, or from lands pooled, unitized, or included in unit operations therewith, or the use of that interest in oil or gas in underground gas storage operations, or a like notice filed.
(4) In the absence of prior abandonment, an interest in oil or gas in any land owned by any person other than the owner of the surface may be preserved indefinitely from abandonment under this act by filing written notices as provided in this act or the performance of any of the acts specified in this act evidencing nondormancy of the interest in oil or gas within each succeeding 20-year period.
(5) This act shall not apply to any interest in oil or gas owned by any governmental body or agency.
History:
1963, Act 42, Eff. Sept. 6, 1963 ;-- Am. 2006, Act 519, Imd. Eff. Dec. 29, 2006
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 42 of 1963 - Termination of Oil or Gas Interests in Land (554.291 - 554.294) › Section 554.293 - Underground Gas Storage Operation; Good Faith Affidavit, Filing.

554.293 Underground gas storage operation; good faith affidavit, filing.
Sec. 3.
For the purposes of this act, any person using such interests in underground gas storage operations may file a good faith affidavit in the register of deeds office for the county or counties where such interests are located, defining the boundaries of the underground gas storage field, or pool, and the formations included therein. Such affidavit shall be prima facie evidence of the use of such interests in underground gas storage operations.
History:
1963, Act 42, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 42 of 1963 - Termination of Oil or Gas Interests in Land (554.291 - 554.294) › Section 554.294 - "Person" Defined.

554.294 "Person" defined.
Sec. 4.
As used in this act, "person" means an individual, partnership, corporation, association, or other legal entity.
History:
1963, Act 42, Eff. Sept. 6, 1963 ;-- Am. 2006, Act 519, Imd. Eff. Dec. 29, 2006
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 235 of 1929 - Notice of Forfeiture of Land Contract (554.301 - 554.302) › Section 554.301 - Notice of Land Contract Forfeiture; Publication.

554.301 Notice of land contract forfeiture; publication.
Sec. 1.
Whenever the vendee in a land contract, or other persons entitled by law to receive notice of the forfeiture of the same, shall be absent from the state of Michigan, or concealed therein, or when the whereabouts of such person cannot be determined after diligent search and inquiry, it shall be lawful for the person giving such notice of forfeiture, to publish the same 3 successive times at weekly intervals in some newspaper printed and circulating in the county where such property is situated, if there be one printed and circulating in said county; and in case there be no newspaper printed and circulating in said county, then in some newspaper published in an adjoining county and circulating in the county where such property is situated.
History:
1929, Act 235, Imd. Eff. May 21, 1929 ;-- CL 1929, 13508 ;-- CL 1948, 554.301
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 235 of 1929 - Notice of Forfeiture of Land Contract (554.301 - 554.302) › Section 554.302 - Notice of Land Contract Forfeiture; Proof.

554.302 Notice of land contract forfeiture; proof.
Sec. 2.
Upon a trial before a circuit court commissioner, or before any other court in this state, when it may become necessary to prove the giving of such notice of forfeiture, the same may be shown by the introduction of due proof of such publication and further proof to the satisfaction of said court, that the circumstances justifying such publication existed at the time thereof.
History:
1929, Act 235, Imd. Eff. May 21, 1929 ;-- CL 1929, 13509 ;-- CL 1948, 554.302
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Repealed - Act 327 of 1905 - Effect of Bigamous Relations on Right to Inherit (554.321 - 554.322)

EFFECT OF BIGAMOUS RELATIONS ON RIGHT TO INHERIT
Act 327 of 1905
554.321,554.322 Repealed. 1978, Act 642, Eff. July 1, 1979;—1979, Act 51, Imd. Eff. July 7, 1979.
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 280 of 1915 - Gifts, Grants, Bequests, and Devises (554.351 - 554.353) › Section 554.351 - Gift or Grant for Certain Purposes; Effect of Indefiniteness, Vesting of Title, Trustee Appointment.

554.351 Gift or grant for certain purposes; effect of indefiniteness, vesting of title, trustee appointment.
Sec. 1.
No gift, grant, bequest or devise, whether in trust or otherwise to religious, educational, charitable or benevolent uses, or for the purpose of providing for the care or maintenance of any part of any cemetery, public or private, or anything therein contained which shall in other respects be valid under the laws of this state, shall be invalid by reason of the indefiniteness or uncertainty of the object of such trust or of the persons designated as the beneficiaries thereunder in the instrument creating the same, nor by reason of the same contravening any statute or rule against perpetuities. If in the instrument creating such a gift, grant, bequest or devise, there is a trustee named to execute the same, the legal title to the lands or property given, granted, devised or bequeathed for such purposes, shall vest in such trustee. If no such trustee shall be named in said instrument or if a vacancy occurs in the trusteeship, then the trust shall vest in the court of chancery for the proper county, and shall be executed by some trustee appointed for that purpose by or under the direction of the court; and said court may make such orders or decrees as may be necessary to vest the title to said lands or property in the trustee so appointed.
History:
1915, Act 280, Eff. Aug. 24, 1915 ;-- CL 1915, 11099 ;-- CL 1929, 13512 ;-- CL 1948, 554.351
Former Law:
See Act 122 of 1907.
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 280 of 1915 - Gifts, Grants, Bequests, and Devises (554.351 - 554.353) › Section 554.352 - Gift or Grant for Certain Purposes; Jurisdiction of Court; Trust Construction; Prosecutor Duties.

554.352 Gift or grant for certain purposes; jurisdiction of court; trust construction; prosecutor duties.
Sec. 2.
The circuit court for the proper county shall have jurisdiction and control over the gifts, grants, bequests and devises in all cases provided for by section 1. Every such trust shall be liberally construed by the court so that the intentions of the creator thereof shall be carried out whenever possible. The attorney general shall represent the people of the state and the beneficiaries in all cases where they are uncertain or indefinite, and shall enforce such trusts by proper proceedings in the court, but the attorney general shall not be required to perform any duties in connection with such trusts in any court outside of this state.
History:
1915, Act 280, Eff. Aug. 24, 1915 ;-- CL 1915, 11100 ;-- CL 1929, 13513 ;-- CL 1948, 554.352 ;-- Am. 1965, Act 12, Imd. Eff. Apr. 13, 1965
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 280 of 1915 - Gifts, Grants, Bequests, and Devises (554.351 - 554.353) › Section 554.353 - Validation Clause.

554.353 Validation clause.
Sec. 3.
All gifts, grants, devises or bequests made in pursuance to the provisions of Act No. 122 of the Public Acts of 1907 and of the acts amendatory thereof, and all proceedings and acts performed in accordance therewith are hereby validated.
History:
1915, Act 280, Eff. Aug. 24, 1915 ;-- CL 1915, 11101 ;-- CL 1929, 13514 ;-- CL 1948, 554.353
Compiler's Notes:
Act 122 of 1907, referred to in this section, was repealed by Act 280 of 1915.
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 373 of 1925 - Gifts, Grants, Bequests, and Devises (554.381 - 554.382) › Section 554.381 - Public Welfare Purposes; Validity of Gifts and Bequests.

554.381 Public welfare purposes; validity of gifts and bequests.
Sec. 1.
No statutory or common law rule of this state against perpetuities or restraint of alienation shall hereafter invalidate any gift, grant, devise or bequest, in trust or otherwise, for public welfare purposes.
History:
1925, Act 373, Eff. Aug. 27, 1925 ;-- CL 1929, 13516 ;-- CL 1948, 554.381
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 373 of 1925 - Gifts, Grants, Bequests, and Devises (554.381 - 554.382) › Section 554.382 - Public Welfare Purposes; Definition.

554.382 Public welfare purposes; definition.
Sec. 2.
Public welfare purposes are defined to be all lawful purposes beneficial to the public as a whole.
History:
1925, Act 373, Eff. Aug. 27, 1925 ;-- CL 1929, 13517 ;-- CL 1948, 554.382
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 258 of 1925 - Sale of Certain Lands (554.401 - 554.404) › Section 554.401 - Lands Sale Held for Public Purposes and New Lands Purchase; Bill of Complaint.

554.401 Lands sale held for public purposes and new lands purchase; bill of complaint.
Sec. 1.
Whenever any lands shall heretofore or hereafter be conveyed by any grant or devise to be held or used for any religious, educational, charitable, benevolent or public purpose, with a condition annexed in the instrument of conveyance that in event said lands shall at any time cease to be held or used for the purpose set forth in such conveyance, title thereto shall revert to the grantor or devisor and his heirs, and it shall appear in the judgment of the officers, trustees or governing body of the grantee named in such conveyance that because of changed conditions or circumstances since the execution of such conveyance it is impossible or impractical to longer hold or use said lands for the purpose mentioned in such conveyance and that the religious, educational, charitable, benevolent or public object of the grantor or devisor, as set forth in such conveyance, may be prevented or defeated thereby, the said grantee may file a bill of complaint in the circuit court in chancery of the county in which said lands are situated, setting forth a correct description of such lands and the terms and conditions under which the same shall be held or used, together with a comprehensive statement of the changed conditions and circumstances which render it impossible or impractical to longer hold or use the same for the purpose mentioned in such conveyance.
History:
1925, Act 258, Eff. Aug. 27, 1925 ;-- CL 1929, 13518 ;-- CL 1948, 554.401
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 258 of 1925 - Sale of Certain Lands (554.401 - 554.404) › Section 554.402 - Lands Sale Held for Public Purposes and New Lands Purchase; Parties Defendant, Time.

554.402 Lands sale held for public purposes and new lands purchase; parties defendant, time.
Sec. 2.
In any proceeding mentioned in section 1 the heirs of the grantor or devisor if known shall be named as defendants and the same proceedings had thereon as is provided by existing law in actions against known defendants. If the names or addresses of the heirs of any such grantor or devisor are unknown, then proceedings shall be had in such action as may be provided by existing law in proceedings against unknown defendants: Provided, however, That no such action shall be brought within a period of 10 years from the execution of any such conveyance nor within the lifetime of the grantor or devisor thereof.
History:
1925, Act 258, Eff. Aug. 27, 1925 ;-- CL 1929, 13519 ;-- CL 1948, 554.402
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 258 of 1925 - Sale of Certain Lands (554.401 - 554.404) › Section 554.403 - Lands Sale Held for Public Purposes and Purchase of New Lands; Decree.

554.403 Lands sale held for public purposes and purchase of new lands; decree.
Sec. 3.
If upon the hearing it shall appear to the satisfaction of the court that the allegations in the bill of complaint are true and that because of changed conditions or circumstances since the execution of such conveyance it is impossible or impractical to longer hold or use said lands for the purposes limited in such conveyance and that the religious, educational, charitable, benevolent or public object of the grantor, as set forth in such conveyance, may be defeated thereby, a decree may be entered authorizing the grantor to sell such lands for the highest price obtainable therefor, in the same manner as may be provided by law for the sale of lands of infants and incompetent persons, and directing that the proceeds of the sale of such lands shall be reinvested in other lands suitable for the use or purpose set forth in the original conveyance, which lands shall thereupon be held by the grantee named in the original conveyance subject to the same limitations as set forth therein.
History:
1925, Act 258, Eff. Aug. 27, 1925 ;-- CL 1929, 13520 ;-- CL 1948, 554.403
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 258 of 1925 - Sale of Certain Lands (554.401 - 554.404) › Section 554.404 - Lands Sale Held for Public Purposes and Purchase of New Lands; Effect of Sale on Title.

554.404 Lands sale held for public purposes and purchase of new lands; effect of sale on title.
Sec. 4.
No sale of lands under the decree of the court as herein provided shall defeat the estate of the grantee named in the original conveyance because of the failure to longer hold or use the same for the purpose named in such conveyance and shall be sufficient to convey to the purchaser of such lands a good and sufficient title in fee simple, free from all conditions or limitations whatsoever, under which the same shall theretofore have been held or used.
History:
1925, Act 258, Eff. Aug. 27, 1925 ;-- CL 1929, 13521 ;-- CL 1948, 554.404
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Repealed - Act 43 of 1956 - Irrevocable Gifts of Securities to Minors (554.431 - 554.443)

IRREVOCABLE GIFTS OF SECURITIES TO MINORS
Act 43 of 1956
554.431-554.443 Repealed. 1959, Act 172, Eff. Mar. 19, 1960.
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Repealed - Act 172 of 1959 - Michigan Uniform Gifts to Minors Act (554.451 - 554.461)

MICHIGAN UNIFORM GIFTS TO MINORS ACT
Act 172 of 1959
554.451-554.461 Repealed. 1998, Act 433, Imd. Eff. Dec. 30, 1998.
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Repealed - Act 9 of 1971 - Disclaimer of Succession to Property (554.501 - 554.520)

DISCLAIMER OF SUCCESSION TO PROPERTY
Act 9 of 1971
554.501-554.520 Repealed. 1996, Act 131, Eff. June 1, 1996.
2023 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.

554.521 Short title.
Sec. 1.
This act shall be known and may be cited as the "Michigan uniform transfers to minors act".
History:
1998, Act 433, Imd. Eff. Dec. 30, 1998
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552) › Section 554.522 - Meanings of Words and Phrases.

554.522 Meanings of words and phrases.
Sec. 2.
For the purposes of this act, the words and phrases defined in sections 3 to 5 have the meanings ascribed to them in those sections.
History:
1998, Act 433, Imd. Eff. Dec. 30, 1998
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552) › Section 554.523 - Definitions; a to C.

554.523 Definitions; A to C.
Sec. 3.
(1) "Adult" means an individual who is 18 years of age or older.
(2) "Benefit plan" means an employer's plan for the benefit of an employee or partner.
(3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodity contracts for the person's own account or for the account of others.
(4) "Conservator" means a person appointed or qualified by a court to act as a conservator, special conservator, guardian, limited guardian, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.
(5) "Court" means the probate court for the county in which a minor resides.
(6) "Custodial property" means an interest in property transferred to a custodian under this act and the income from, and proceeds of, that interest in property.
(7) "Custodian" means a person so designated pursuant to section 13 or a successor or substitute custodian designated under section 7, 23, or 24.
History:
1998, Act 433, Imd. Eff. Dec. 30, 1998
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552) › Section 554.544 - Resignation, Ineligibility, Death, or Incapacitation of Custodian; Possession and Control of Property and Records; Petition for Removal of Custodian.

554.544 Resignation, ineligibility, death, or incapacitation of custodian; possession and control of property and records; petition for removal of custodian.
Sec. 24.
(1) A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of 14 years and to the successor custodian and by delivering the custodial property to the successor custodian.
(2) If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor is not less than 14 years of age, the minor may designate as successor custodian, in the manner prescribed in section 23(3), an adult member of the minor's family, a conservator of the minor, or a trust company. If the minor is less than 14 years of age or fails to act within 60 days after the ineligibility, death, or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or another interested person may petition the court to designate a successor custodian.
(3) A custodian who declines to serve or resigns, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian may bring an action to enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
(4) A transferor, the legal representative of a transferor, an adult member of the minor's family, the conservator of the minor, or the minor if the minor is not less than 14 years of age may petition the court to remove the custodian for cause and designate a successor custodian other than a transferor under section 8, or to require the custodian to give appropriate bond.
History:
1998, Act 433, Imd. Eff. Dec. 30, 1998
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552) › Section 554.545 - Accounting.

554.545 Accounting.
Sec. 25.
(1) A minor who is not less than 14 years of age, the minor's legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for either of the following:
(a) An accounting by the custodian or the custodian's legal representative.
(b) A determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property, unless the responsibility has been adjudicated in an action under section 22 to which the minor or the minor's legal representative was a party.
(2) A successor custodian may petition the court for an accounting by the predecessor custodian.
(3) In a proceeding under this act or in any other proceeding, the court may require or permit a custodian or the custodian's legal representative to account.
(4) If a custodian is removed under section 24, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
History:
1998, Act 433, Imd. Eff. Dec. 30, 1998
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552) › Section 554.546 - Transfer of Property to Minor; Time.

554.546 Transfer of property to minor; time.
Sec. 26.
Except as provided in section 27, the custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of the following:
(a) The minor becoming 18 years of age with respect to custodial property transferred under section 8, 9, 10, or 11.
(b) The minor's death.
History:
1998, Act 433, Imd. Eff. Dec. 30, 1998
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552) › Section 554.547 - Transfer of Property to Minor; Delay.

554.547 Transfer of property to minor; delay.
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
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 433 of 1998 - Michigan Uniform Transfers to Minors Act (554.521 - 554.552) › Section 554.548 - Applicability of Act to Transfer Described in MCL 554.526.

554.548 Applicability of act to transfer described in MCL 554.526.
Sec. 28.
This act applies to a transfer described in section 6 made after the effective date of this act if either of the following is true:
(a) The transfer purports to have been made under former 1959 PA 172.
(b) The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the uniform gifts to minors act" or "as custodian under the uniform transfers to minors act" of any other state, and the application of this act is necessary to validate the transfer.
History:
1998, Act 433, Imd. Eff. Dec. 30, 1998