Custodian; expenses; compensation; bond.
MCL 554.540
in effect554.540. 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.
1998, Act 433, Imd. Eff. Dec. 30, 1998
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-554-540Fetched: 10/20/2026