Michigan § 700.5102 - Payment or delivery.
Full text of Michigan Michigan Compiled Laws § 700.5102 — Payment or delivery., with citation guidance and answers to common questions.
§ 700.5102. Payment or delivery.
(1) A person under a duty to pay or deliver money or personal property to a minor may perform this duty by paying or delivering the money or property, in an aggregate value that does not exceed $50,000.00 each year, to any of the following:
(a) The minor if the minor is married.
(b) An individual having the care and custody of the minor with whom the minor resides.
(c) A guardian of the minor.
(d) A financial institution incident to a deposit in a state or federally insured savings account in the sole name of the minor with notice of the deposit to the minor.
(2) This section does not apply if the person making payment or delivery knows that a conservator has been appointed or a proceeding for appointment of a conservator of the minor's estate is pending.
(3) Other than the minor or a financial institution, an individual receiving money or property for a minor is obligated to apply the money to the minor's support and education, but shall not pay himself or herself except by way of reimbursement for out-of-pocket expenses for goods and services necessary for the minor's support. An excess amount must be preserved for the minor's future support and education. A balance not used for those purposes and property received for the minor must be turned over to the minor when majority is attained. A person who pays or delivers money or property in accordance with this section is not responsible for the proper application of the money or property.
(4) The dollar amount described in this section must be adjusted as provided in section 1210.
Frequently Asked Questions About Michigan § 700.5102
What does Michigan Compiled Laws § 700.5102 cover?
Section 700.5102 ("Payment or delivery.") 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 § 700.5102?
A common citation format is "Michigan Compiled Laws § 700.5102" (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 § 700.5102 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.