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Terms Used In Michigan Laws 700.1005

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Designated recipient: means a person chosen by a user using an online tool to administer digital assets of the user. 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
  • Fiduciary: means a person who is an original, additional, or successor personal representative, conservator, agent, or trustee. See Michigan Laws 700.1002
  • Fiduciary: A trustee, executor, or administrator.
  • Terms-of-service agreement: means an agreement that controls the relationship between a user and a digital custodian. See Michigan Laws 700.1002
  • User: means a person that has an account with a digital custodian. See Michigan Laws 700.1002
  (1) This act does not change or impair a right of a digital custodian or a user under a terms-of-service agreement to access and use digital assets of the user.
  (2) This act does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or who the fiduciary or designated recipient represents.
  (3) A fiduciary’s or designated recipient’s access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under section 4.