Michigan Compiled Laws

Mich. Comp. Laws § 554.540 (2026)

Custodian; expenses; compensation; bond.

✓ current as of July 2026

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MICHIGAN UNIFORM TRANSFERS TO MINORS ACT

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

Notes of Decisions

Cited in 1 case, 2008–2008 · leading case: People v. Couzens, 747 N.W.2d 849 (Mich. 2008).

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People v. Couzens, 747 N.W.2d 849 (Mich. 2008). · cites it 3× “Defendant also argues that pursuant to MCL 554.540(1), he was permitted to be reimbursed from the custodial property for reasonable expenses incurred in the performance of his duties as custodian.”

— Mich. Comp. Laws § 554.540(1) — 1 case

People v. Couzens, 747 N.W.2d 849 (Mich. 2008). “Defendant also argues that pursuant to MCL 554.540(1), he was permitted to be reimbursed from the custodial property for reasonable expenses incurred in the performance of his duties as custodian.”

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