554.523 Definitions; A to C.
177 words·~1 min read·
/mi/chapter-554/554-523A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
554.523 Definitions; A to C.
Sec. 3.
(1)"Adult" means an individual who is 18 years of age or older.
(2)"Benefit plan" means an employer's plan for the benefit of an employee or partner.
(3)"Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodity contracts for the person's own account or for the account of others.
(4)"Conservator" means a person appointed or qualified by a court to act as a conservator, special conservator, guardian, limited guardian, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.
(5)"Court" means the probate court for the county in which a minor resides.
(6)"Custodial property" means an interest in property transferred to a custodian under this act and the income from, and proceeds of, that interest in property.
(7)"Custodian" means a person so designated pursuant to section 13 or a successor or substitute custodian designated under section 7, 23, or 24.
History: 1998, Act 433 , Imd. Eff. Dec. 30, 1998