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Michigan Compiled Laws Complete Through PA 123 of 2019
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Act 53 of 1978
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STATUTORY JOINT ACCOUNT ACT

Act 53 of 1978

AN ACT to define the rights and obligations of parties and financial institutions in connection with funds on deposit therein in which 2 or more persons have an interest by way of right of withdrawal or ownership.


History: 1978, Act 53, Imd. Eff. Mar. 9, 1978


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 487.711SectionShort title.
Section 487.712SectionMeanings of words and phrases.
Section 487.713SectionDefinitions.
Section 487.714SectionAdditional definitions.
Section 487.715SectionStatutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract.
Section 487.716SectionNature and effect of statutory joint accounts; failure to answer question in contract.
Section 487.717SectionWithdrawals of funds; liability of financial institution; deposits subject to setoff.
Section 487.718SectionDeposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.
Section 487.719SectionPayment of widow's allowance or allowance for dependent children upon death of person owning deposits in statutory joint account.
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