Michigan Laws 490.60 – Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 490.60
- 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
- Demand: means a request for withdrawal or for payment according to an order therefor in compliance with all conditions of the account and bylaws of the credit union. See Michigan Laws 490.51
- Multiple-party account: means an account in the names of 2 or more persons, 1 or more or all of whom may make withdrawals, or an account in the name of 1 or more parties as trustee for 1 or more beneficiaries even though no mention is made of a right of withdrawal by a beneficiary. See Michigan Laws 490.51
- Person: includes any person or entity capable of contracting. See Michigan Laws 490.51
A credit union may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on demand, to any 1 or more of the parties unless the terms of the account expressly stipulate that joint signatures are required. No credit union shall be required to inquire as to the source of funds received for deposit to a multiple-party account or to inquire as to the proposed application of any sum withdrawn from an account. Such an account may be created with any person designated by the credit union member, but no joint tenant shall be permitted to vote, obtain loans or hold office unless he is within the field of membership and is a qualified member.