Terms Used In Michigan Laws > Chapter 490 > Act 31 of 1992 - Beneficiary Accounts in Credit Unions

• Beneficiary: means a person who does not have an ownership interest in a beneficiary account but is the person designated to receive the funds in the beneficiary account upon the death of the owner of the account. See Michigan Laws 490.81
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary account: means a share or deposit account in a credit union where 1 or more persons are designated as owners and 1 or more other persons are designated as beneficiaries. See Michigan Laws 490.81
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit union: means a state or federal chartered credit union. See Michigan Laws 490.81
• Owner: means the person or persons designated as the owner in the documents establishing a credit union beneficiary account. See Michigan Laws 490.81
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 490.81
• 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
• Trustee: A person or institution holding and administering property in trust.