Michigan Laws 554.533 – Creation and transfer of custodial property; actions
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(1) Custodial property is created and a transfer is made whenever an action described in subsections (2) to (8) is taken.
(2) A certificated or uncertificated security in registered form is either of the following:
Terms Used In Michigan Laws 554.533
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(a) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(b) Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in section 14.
(3) Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(4) The ownership of a life or endowment insurance policy or annuity contract is either of the following:
(a) Registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(b) Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(5) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(6) An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(7) A certificate of title issued by a department or agency of a state or of the United States that evidences title to tangible personal property is either of the following:
(a) Issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(b) Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: “as custodian for ____________________ (name of minor) under the Michigan uniform transfers to minors act”.
(8) An interest in any property not described in subsections (2) to (7) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in section 14.