Michigan Laws 400.234b – Obligation or liability incurred by financial institution
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(1) A financial institution incurs no obligation or liability to a depositor, account holder, or other person or entity arising from the furnishing of a report or information to the office, to an office agent or representative, or to the federal government or its designee under this act or from the failure to disclose to a depositor, account holder, or other person that the name of a person was included in the report or information provided.
(2) A financial institution incurs no obligation or liability to the office or another person or entity for an error or omission made in good faith compliance with this act.
Terms Used In Michigan Laws 400.234b
- Account: means any of the following:
(i) A demand deposit account. See Michigan Laws 400.231Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Financial institution: means any of the following:
(i) A state or national bank. See Michigan Laws 400.231Lien: A claim against real or personal property in satisfaction of a debt. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Office: means the office of child support. See Michigan Laws 400.231 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Subpoena: A command to a witness to appear and give testimony. Summons: Another word for subpoena used by the criminal justice system.
(3) A financial institution incurs no obligation or liability for blocking, freezing, placing a hold upon, surrendering, or otherwise dealing with a person’s or entity’s financial assets in response to a lien imposed or information provided pursuant to this act.
(4) A financial institution is not obligated to block, freeze, place a hold upon, surrender, or otherwise deal with a person’s or entity’s financial assets until served with and having a reasonable opportunity to act upon a subpoena, summons, warrant, court order, administrative order, lien, or levy served upon the financial institution in accordance with the laws of this state. A financial institution that surrenders financial assets to the friend of the court in response to a lien imposed under state law is discharged from any obligation or liability to the depositor, account holder, or other person or entity related to the financial assets that are surrendered to the friend of the court.
(5) A financial institution that surrenders financial assets to the friend of the court may assess the account holder a service charge not to exceed 10% of the amount surrendered to the friend of the court. The service charge shall be in addition to any other fee or charge authorized by this act or otherwise not prohibited by law.