441.101 Uniform fiduciary security transfer simplification act; definitions. 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 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
Michigan Legal Code