Michigan Compiled Laws Act 53 Of 1978 Statutory Joint Account Act (487.711 - 487.719)

AN ACT to define the rights and obligations of parties and financial institutions in connection with funds on deposit therein in which 2 or more persons have an interest by way of right of withdrawal or ownership.

History: 1978, Act 53, Imd. Eff. Mar. 9, 1978

Section 487.711 Short Title.
This act shall be known and may be cited as the “statutory joint account act”. History: 1978, Act 53, Imd. Eff. Mar. 9, 1978
Section 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...
Section 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...
Section 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...
Section 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...
Section 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...
Section 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...
Section 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...
Section 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...

Last modified: October 10, 2016