441.101 Uniform fiduciary security transfer simplification act; definitions.

274 words·~1 min read·/mi/chapter-441/441-101

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 1.

In this act, unless the context otherwise requires:

(a)“Assignment” means any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer.

(b)“Claim of beneficial interest” means a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties.

(c)“Corporation” means a private or public corporation, association or trust issuing a security.

(d)“Fiduciary” means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee.

(e)“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.

(f)“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.

(g)“Transfer” means a change on the books of a corporation in the registered ownership of a security.

(h)“Transfer agent” means a person employed or authorized by a corporation to transfer securities issued by the corporation.

History: 1959, Act 239, Eff. Mar. 19, 1960