2006 Michigan Compiled Laws - Act 41 of 1968


Act 41 of 1968

AN ACT to regulate credit union multiple-party accounts; and to repeal certain acts and parts of acts.

History: 1968, Act 41, Eff. Nov. 15, 1968

The People of the State of Michigan enact:

Section 490.51Credit unions; multiple-party accounts; definitions.
Section 490.52Presumptions of ownership; credit unions liability and set-off rights.
Section 490.53Deposit or shares paid on demand.
Section 490.54Equal undivided interests.
Section 490.55Death of party; effect.
Section 490.56Survivorship account; death of party, ownership.
Section 490.57Trust account; beneficial ownership; death of trustee; survivorship.
Section 490.58Bases of presumptions; evidence to rebut; wills.
Section 490.59Effect of unrebutted presumptions; transfers, effect.
Section 490.60Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.
Section 490.61Multiple-party accounts; withdrawals; survivorship accounts, proof of death.
Section 490.62Trust accounts; payments.
Section 490.63Payments; effect; notice of change.
Section 490.64Right to set-off or lien.
Section 490.65Repeal.

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