Michigan Laws 490.52 – Presumptions of ownership; credit unions liability and set-off rights
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 490.52
- Account: means a contract of deposit of funds between depositors and credit unions, and includes deposit accounts, members or share accounts and other like arrangements whether or not they may be characterized as refundable capital investments. See Michigan Laws 490.51
- Withdrawal: includes payment to a third person pursuant to directive of a party. See Michigan Laws 490.51
The presumptions created by section 3 to 7 concerning beneficial ownership as between parties, or as between parties and beneficiaries, of multiple-party accounts are relevant only to controversies between these persons or their creditors and other successors, and shall have no bearing on the rights of withdrawal of such persons as determined by the terms of account contracts. The provisions of section 11 to 16 govern the liability of credit unions who make payments pursuant thereto, and their set-off rights.