Michigan § 554.540 - Custodian; expenses; compensation; bond.
Full text of Michigan Michigan Compiled Laws § 554.540 — Custodian; expenses; compensation; bond., with citation guidance and answers to common questions.
§ 554.540. Custodian; expenses; compensation; bond.
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.
Except as provided in section 24, a custodian need not give a bond.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 554.540
What does Michigan Compiled Laws § 554.540 cover?
Section 554.540 ("Custodian; expenses; compensation; bond.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 554.540?
A common citation format is "Michigan Compiled Laws § 554.540" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 554.540 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.