554.535 Time of control; holding constituting single custodianship. Sec. 15. (1) A transferor shall place the custodian in control of the custodial property as soon as practicable. (2) A transfer shall be made only for 1 minor, and only 1 person shall be the custodian. Custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship. History: 1998, Act 433, Imd. Eff. Dec. 30, 1998
Michigan Legal Code