Mich. Comp. Laws § 487.711
Short title.
This act shall be known and may be cited as the "statutory joint account act".
Michigan Compiled Laws — STATUTORY JOINT ACCOUNT ACT (Act 53 of 1978)
Michigan · statute · 53 of 1978, Mich. Comp. Laws · 9 active provisions
Mich. Comp. Laws § 487.712
Meanings of words and phrases.
For the purposes of this act, the words and phrases defined in sections 3 and 4 have the meaning ascribed to them in those sections.
Mich. Comp. Laws § 487.713
Definitions.
(a) "Deposits" means funds on deposit in a financial institution, including interest. (b) "Joint account" means a deposit in a financial institution in which 2 or more persons have an interest, either by way of ownership or right of withdrawal. (c) "Statutory joint account" means a joint account as to which a statutory…
Mich. Comp. Laws § 487.714
Additional definitions.
(a) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under…
Mich. Comp. Laws § 487.715
Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract.
One or more persons may create a statutory joint account by signing a statutory joint account contract with a financial institution that is agreeable to the contract with indicated insertions in form substantially as follows: FORM OF STATUTORY JOINT ACCOUNT CONTRACT 1. Name of financial institution: 2. Nature of Accoun…
Mich. Comp. Laws § 487.716
Nature and effect of statutory joint accounts; failure to answer question in contract.
The creation of a statutory joint account is a contract as to ownership of the deposits and is effective pursuant to its terms without regard to requirements of testamentary dispositions. The rights of persons in joint accounts which are not statutory joint accounts are not affected by this act. The failure to answer a…
Mich. Comp. Laws § 487.717
Withdrawals of funds; liability of financial institution; deposits subject to setoff.
(1) Financial institutions shall honor withdrawals of funds pursuant to the withdrawal provisions of the statutory joint account contract. In so doing, they shall be relieved of liability to persons having a claim to ownership of the funds. A financial institution shall not be chargeable with changes in rights of withd…
Mich. Comp. Laws § 487.718
Deposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.
Deposits in a statutory joint account shall be subject to the rights of creditors of the persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership, except that the funds shall remain subject to laws applicable to transfers in fraud of creditors. If in his or her li…
Mich. Comp. Laws § 487.719
Payment of widow's allowance or allowance for dependent children upon death of person owning deposits in statutory joint account.
Upon the death of a person who in his or her lifetime owned the deposits in a statutory joint account, to the extent of the decedent's ownership immediately before his or her death, the rights of the owners of the deposits after the death shall be subject to the right of recovery by the estate of the deceased person to…