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2 chapters · 12 sections in this title.
Mich. Comp. Laws § 441.101 Uniform fiduciary security transfer simplification act; definitions.
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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 legat…
Mich. Comp. Laws § 441.102 Fiduciary security transfers; registration.
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Sec. 2. A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and…
Mich. Comp. Laws § 441.103 Fiduciary security transfers; assignment by fiduciary.
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Sec. 3. Except as otherwise provided in this act, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary: (a) May assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his au…
Mich. Comp. Laws § 441.104 Fiduciary security transfers; evidence of appointment or incumbency.
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Sec. 4. A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency: (a) In the case of a fiduciary appointed or qualified by a court, a certificate iss…
Mich. Comp. Laws § 441.105 Fiduciary security transfers; adverse claims.
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Sec. 5. (a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the w…
Mich. Comp. Laws § 441.106 Fiduciary security transfers; corporation or transfer agent, nonliability.
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Sec. 6. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this act.
Mich. Comp. Laws § 441.107 Fiduciary security transfers; third persons, nonliability.
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Sec. 7. (a) No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to…
Mich. Comp. Laws § 441.108 Fiduciary security transfers; territorial application.
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Sec. 8. (a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporat…
Mich. Comp. Laws § 441.109 Fiduciary security transfers; tax obligations.
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Sec. 9. This act does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession or other taxes imposed by the laws of this state.
Mich. Comp. Laws § 441.110 Construction of act.
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Sec. 10. This act shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Mich. Comp. Laws § 441.111 Uniform act for the simplification of fiduciary security transfers; short title.
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Sec. 11. This act shall be known and may be cited as the “Uniform act for the simplification of fiduciary security transfers”.
Mich. Comp. Laws § 441.112 Effective date of act.
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Sec. 12. This act shall take effect January 1, 1960.