Michigan § 554.531 Minor not having conservator; transfer by person holding property or owing liquidated debt.

Michigan Statutes

§ 554.531 — Minor not having conservator; transfer by person holding property or owing liquidated debt.

Michigan § 554.531

Ch. 554REAL AND PERSONAL PROPERTY

Act 433 of 1998MICHIGAN UNIFORM TRANSFERS TO MINORS ACT (554.521-554.552)

This text of Michigan § 554.531 (Minor not having conservator; transfer by person holding property or owing liquidated debt.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 554.531 (2026).

Text

MICHIGAN UNIFORM TRANSFERS TO MINORS ACT (EXCERPT) Act 433 of 1998 554.531 Minor not having conservator; transfer by person holding property or owing liquidated debt. Sec. 11.

(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 t

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MICHIGAN UNIFORM TRANSFERS TO MINORS ACT (EXCERPT) Act 433 of 1998 554.531 Minor not having conservator; transfer by person holding property or owing liquidated debt. Sec. 11. (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.