Michigan § 554.540 Custodian; expenses; compensation; bond.

Michigan Statutes

§ 554.540 — Custodian; expenses; compensation; bond.

Michigan § 554.540

Ch. 554REAL AND PERSONAL PROPERTY

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

This text of Michigan § 554.540 (Custodian; expenses; compensation; bond.) 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 § 554.540 (2026).

Text

MICHIGAN UNIFORM TRANSFERS TO MINORS ACT (EXCERPT) Act 433 of 1998 554.540 Custodian; expenses; compensation; bond. Sec. 20.

(1)A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for a person who is a transferor under section 8, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.

(2)Except as provided in section 24, a custodian need not give a bond.

Free access — add to your briefcase to read the full text and ask questions with AI

MICHIGAN UNIFORM TRANSFERS TO MINORS ACT (EXCERPT) Act 433 of 1998 554.540 Custodian; expenses; compensation; bond. Sec. 20. (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for a person who is a transferor under section 8, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. (2) Except as provided in section 24, a custodian need not give a bond.