2012 Michigan Compiled Laws
Chapter 490 — CREDIT UNIONS
Act 41 of 1968 — CREDIT UNION MULTIPLE-PARTY ACCOUNTS (490.51 - 490.65)
Section 490.59 — Effect of unrebutted presumptions; transfers, effect.
CREDIT UNION MULTIPLE-PARTY ACCOUNTS (EXCERPT)
Act 41 of 1968
490.59 Effect of unrebutted presumptions; transfers, effect.
Sec. 9.
Where not rebutted by clear and convincing evidence, the presumptions provided in this act are effective to establish beneficial ownership. Any transfers resulting from the application of these presumptions are effective by reason of the account contracts involved in this act and are not to be considered as testamentary or subject to the probate code.
History: 1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
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