Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Michigan Laws 554.531

  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
    (1) Subject to subsections (2) and (3), a person not subject to section 9 or 10 who holds property of, or owes a liquidated debt to, a minor who does not have a conservator may make an irrevocable transfer to a custodian for the benefit of the minor under section 13.
    (2) If a person having the right to do so under section 7 has nominated a custodian under section 7 to receive the custodial property, the transfer must be made to the person.
    (3) If a custodian has not been nominated under section 7, or all persons nominated as custodian under section 7 die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company. However, if the value of the property exceeds $50,000.00, a transfer under this subsection may be made only if authorized by the court.