Michigan Laws 554.523 – Definitions; A to C
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(1) “Adult” means an individual who is 18 years of age or older.
(2) “Benefit plan” means an employer’s plan for the benefit of an employee or partner.
Terms Used In Michigan Laws 554.523
- 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.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Probate: Proving a will
(3) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodity contracts for the person’s own account or for the account of others.
(4) “Conservator” means a person appointed or qualified by a court to act as a conservator, special conservator, guardian, limited guardian, or temporary guardian of a minor’s property or a person legally authorized to perform substantially the same functions.
(5) “Court” means the probate court for the county in which a minor resides.
(6) “Custodial property” means an interest in property transferred to a custodian under this act and the income from, and proceeds of, that interest in property.
(7) “Custodian” means a person so designated pursuant to section 13 or a successor or substitute custodian designated under section 7, 23, or 24.