§ 554.521 Short title
§ 554.522 Meanings of words and phrases
§ 554.523 Definitions; A to C
§ 554.524 Definitions; F to P
§ 554.525 Definitions; S to T
§ 554.526 Change in residence of transferor, minor, or custodian, or removal of custodial property from state; jurisdiction; governing laws
§ 554.527 Custodian to receive property upon occurrence of future event; nomination; creation of custodial property
§ 554.528 Transfer by irrevocable gift or power of appointment in custodian
§ 554.529 Irrevocable transfer by personal representative or trustee; designation of custodian
§ 554.530 Absence of will or authorization to make irrevocable transfer; transfer by personal representative, trustee, or conservator; conditions
§ 554.531 Minor not having conservator; transfer by person holding property or owing liquidated debt
§ 554.532 Custodial property; receipt and discharge
§ 554.533 Creation and transfer of custodial property; actions
§ 554.534 Instrument; form
§ 554.535 Time of control; holding constituting single custodianship
§ 554.536 Conditions not affecting validity of transfer; transfer as irrevocable; property indefeasibly vested in minor; powers, rights, and immunities
§ 554.537 Duties of custodian
§ 554.538 Rights, powers, and authority over custodial property; limitation
§ 554.539 Delivery, payment, or expenditure by custodian
§ 554.540 Custodian; expenses; compensation; bond
§ 554.541 Responsibility of third person
§ 554.542 Liability of custodian or minor
§ 554.543 Service as custodian; declination; substitute; successor
§ 554.544 Resignation, ineligibility, death, or incapacitation of custodian; possession and control of property and records; petition for removal of custodian
§ 554.545 Accounting
§ 554.546 Transfer of property to minor; time
§ 554.547 Transfer of property to minor; delay
§ 554.548 Applicability of act to transfer described in MCL 554.526
§ 554.549 Applicability of act to transfer made before effective date
§ 554.550 Construction of act
§ 554.551 Repeal of former 1959 PA 172; effect
§ 554.552 Repeal of MCL 554.451 to 554.461

Terms Used In Michigan Laws > Chapter 554 > Act 433 of 1998 - Michigan Uniform Transfers to Minors Act

  • 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.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 8.3e
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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.
  • Probate: Proving a will
  • 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
  • Testator: A male person who leaves a will at death.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o