Michigan Compiled Laws Act 31 Of 1992 Beneficiary Accounts In Credit Unions (490.81 - 490.83)
AN ACT to provide for beneficiary accounts in credit unions; to allow for the passage of title to the named beneficiary; and to prescribe the powers and duties of the credit union.
History: 1992, Act 31, Imd. Eff. Apr. 17, 1992
Section 490.81 Definitions.
As used in this act: (a) “Beneficiary” means a person who does not have an ownership interest in a beneficiary account but is the...
Section 490.83 Applicability Of Act.
This act shall apply to all credit union beneficiary accounts where at least 1 owner was still alive on the effective date of this...