Michigan · statute · 31 of 1992, Mich. Comp. Laws · 3 active provisions
As used in this act: (a) "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. (b) "Beneficiary account" means a share or deposit account in a credit union whe…
(1) During the lifetime of 1 or more owners of a credit union beneficiary account, all rights to the money in the account belong to the owners. The rights of the owners, if there is more than 1, shall be governed by the contract between them and the credit union establishing the account, and by any applicable law perta…
This act shall apply to all credit union beneficiary accounts where at least 1 owner was still alive on the effective date of this act.