Michigan Laws 441.102 – Fiduciary security transfers; registration
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 441.102
- 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.
- Corporation: means a private or public corporation, association or trust issuing a security. See Michigan Laws 441.101
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee. See Michigan Laws 441.101
- Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, 2 or more persons having a joint or common interest, or any other legal or commercial entity. See Michigan Laws 441.101
- Security: includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation. See Michigan Laws 441.101
- Transfer: means a change on the books of a corporation in the registered ownership of a security. See Michigan Laws 441.101
- Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Michigan Laws 441.101
A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.