Michigan Laws 700.1006 – Disclosure of digital assets by digital custodian; requirements
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 700.1006
- Account: means an arrangement under a terms-of-service agreement in which the digital custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user. See Michigan Laws 700.1002
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means the probate court or, when applicable, the circuit court. See Michigan Laws 700.1002
- 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 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
- 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.
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 700.1002
- User: means a person that has an account with a digital custodian. See Michigan Laws 700.1002
(1) When disclosing the digital assets of a user under this act, the digital custodian may at its sole discretion do any of the following:
(a) Grant a fiduciary or designated recipient full access to the user’s account.
(b) Grant a fiduciary or designated recipient partial access to the user’s account sufficient to perform the tasks with which the fiduciary or designated recipient is charged.
(c) Provide a fiduciary or designated recipient a copy in a record of any digital asset that, on the date the digital custodian received the request for disclosure, the user could have accessed if the user were alive and had full capacity and access to the account.
(2) A digital custodian may assess a reasonable administrative charge for the cost of disclosing digital assets under this act.
(3) A digital custodian is not required to disclose under this act a digital asset deleted by a user.
(4) If a user directs or a fiduciary requests a digital custodian to disclose under this act some, but not all, of the user’s digital assets, the digital custodian is not required to disclose the requested digital assets if segregation of the requested digital assets would impose an undue burden on the digital custodian. If the digital custodian believes the direction or request imposes an undue burden, the digital custodian or fiduciary may seek an order from the court to disclose any of the following:
(a) A subset limited by date of the user’s digital assets.
(b) All of the user’s digital assets to the fiduciary or designated recipient.
(c) None of the user’s digital assets.
(d) All of the user’s digital assets to the court for review in camera.