Michigan Laws 700.1003 – Applicability
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Terms Used In Michigan Laws 700.1003
- Conservator: means a person that is appointed by a court to manage all or part of the estate of a protected person. See Michigan Laws 700.1002
- Decedent: A deceased person.
- Digital asset: means an electronic record in which a user has a right or interest. See Michigan Laws 700.1002
- Digital custodian: means a person that carries, maintains, processes, receives, or stores a digital asset of a user. See Michigan Laws 700.1002
- Personal representative: means that term as defined in section 1106 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 700.1002
- Proceeding: means that term as defined in section 1106 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 700.1002
- 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
- Trust: means that term as defined in section 1107 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 700.1002
- User: means a person that has an account with a digital custodian. See Michigan Laws 700.1002
(1) Subject to subsections (2), (3), and (4), this act applies to all of the following:
(a) A fiduciary acting under a will or power of attorney executed before, on, or after the effective date of this act.
(b) A personal representative acting for a decedent who died before, on, or after the effective date of this act.
(c) A proceeding involving a conservator commenced before, on, or after the effective date of this act.
(d) A trustee acting under a trust created before, on, or after the effective date of this act.
(2) This act applies to a digital custodian if the user resides in this state or resided in this state at the time of the user’s death.
(3) This act does not impair an accrued right or an action taken in a proceeding before the effective date of this act.
(4) This act does not apply to a digital asset of an employer used by an employee in the ordinary course of business.