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Michigan Compiled Laws Complete Through PA 233 of 2018
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Act 41 of 1968
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Act 41 of 1968

AN ACT to regulate credit union multiple-party accounts; and to repeal certain acts and parts of acts.

History: 1968, Act 41, Eff. Nov. 15, 1968

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 490.51SectionCredit unions; multiple-party accounts; definitions.
Section 490.52SectionPresumptions of ownership; credit unions liability and set-off rights.
Section 490.53SectionDeposit or shares paid on demand.
Section 490.54SectionEqual undivided interests.
Section 490.55SectionDeath of party; effect.
Section 490.56SectionSurvivorship account; death of party, ownership.
Section 490.57SectionTrust account; beneficial ownership; death of trustee; survivorship.
Section 490.58SectionBases of presumptions; evidence to rebut; wills.
Section 490.59SectionEffect of unrebutted presumptions; transfers, effect.
Section 490.60SectionMultiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.
Section 490.61SectionMultiple-party accounts; withdrawals; survivorship accounts, proof of death.
Section 490.62SectionTrust accounts; payments.
Section 490.63SectionPayments; effect; notice of change.
Section 490.64SectionRight to set-off or lien.
Section 490.65SectionRepeal.
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