554.540 Custodian; expenses; compensation; bond.
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/mi/chapter-554/554-540A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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