Michigan · statute · 239 of 1959, Mich. Comp. Laws · 12 active provisions
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…
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 its transfer agent may assume without inquiry t…
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 authority and capacity and is not in breach of his…
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 issued by or under the direction or supervision of…
(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 written notice identifies the claimant, the regis…
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.
(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 inquire whether the transaction involves a brea…
(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 corporation is organized. (b) This act applies to the ri…
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.
This act shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
This act shall be known and may be cited as the “Uniform act for the simplification of fiduciary security transfers”.
This act shall take effect January 1, 1960.