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
Michigan Legal Code