Michigan Laws 487.713 – Definitions
Current as of: 2023 | Check for updates
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(a) “Deposits” means funds on deposit in a financial institution, including interest.
(b) “Joint account” means a deposit in a financial institution in which 2 or more persons have an interest, either by way of ownership or right of withdrawal.
Terms Used In Michigan Laws 487.713
- Contract: A legal written agreement that becomes binding when signed.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(c) “Statutory joint account” means a joint account as to which a statutory joint account contract, as provided in this act, has been signed by a person having a right of withdrawal on the account.