Michigan Laws 490.61 – Multiple-party accounts; withdrawals; survivorship accounts, proof of death
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 490.61
- 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
- Decedent: A deceased person.
- 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
- Party: means a person who, alone or in conjunction with another, by the terms of the account or as a surviving beneficiary of a trust account, has a present right of withdrawal in a multiple-party account. See Michigan Laws 490.51
Any sums in a multiple-party account which does not include a stipulation requiring joint signatures for withdrawals may be paid, on demand, to any party without regard to whether any other party is incompetent or deceased at the time the payment is demanded, except, if the account is one presumed to be a survivorship account under section 6 or 7 payment may not be made to the personal representative or heirs of a deceased party unless proofs of death are presented to the credit union showing that the decedent was the last surviving party.