2010 Michigan Compiled Laws
Chapter 554 - REAL AND PERSONAL PROPERTY
Act 433 of 1998 - MICHIGAN UNIFORM TRANSFERS TO MINORS ACT (554.521 - 554.552)
Section 554.540 - Custodian; expenses; compensation; bond.
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.
History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
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