Michigan Compiled Laws Act 41 Of 1968 Credit Union Multiple-party Accounts (490.51 - 490.65)

• Section 490.51 Credit Unions; Multiple-party Accounts; Definitions.
  As used in this act: (a) “Account” means a contract of deposit of funds between depositors and credit unions, and includes deposit accounts, members...
• Section 490.52 Presumptions Of Ownership; Credit Unions Liability And Set-off Rights.
  The presumptions created by sections 3 to 7 concerning beneficial ownership as between parties, or as between parties and beneficiaries, of multiple-party accounts are...
• Section 490.53 Deposit Or Shares Paid On Demand.
  During the lifetime of all parties, a multiple-party account which provides that sums on deposit or in shares may be paid on the demand...
• Section 490.54 Equal Undivided Interests.
  In the absence of satisfactory proof of the net contributions, those who are parties from time to time shall be presumed to own a...
• Section 490.55 Death Of Party; Effect.
  The death of any party to a multiple-party account shall have no effect on the beneficial ownership of the account, other than to transfer...
• Section 490.56 Survivorship Account; Death Of Party, Ownership.
  A multiple-party account payable to 2 or more persons, jointly or severally, which does not expressly provide that there is no right of survivorship,...
• Section 490.57 Trust Account; Beneficial Ownership; Death Of Trustee; Survivorship.
  An account which states that a party is a trustee for 1 or more other identified persons, including but not limited to minors, is...
• Section 490.58 Bases Of Presumptions; Evidence To Rebut; Wills.
  The presumptions stated herein are based upon inferences of the intention of parties to multiple-party accounts arising from the form of the account and...
• Section 490.59 Effect Of Unrebutted Presumptions; Transfers, Effect.
  Where not rebutted by clear and convincing evidence, the presumptions provided in this act are effective to establish beneficial ownership. Any transfers resulting from...
• Section 490.60 Multiple-party Accounts; Authority To Enter; Payment; Inquiry; Creation; Joint Tenant, Rights.
  A credit union may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be...
• Section 490.61 Multiple-party Accounts; Withdrawals; Survivorship Accounts, Proof Of Death.
  Any sums in a multiple-party account which does not include a stipulation requiring joint signatures for withdrawals may be paid, on demand, to any...
• Section 490.62 Trust Accounts; Payments.
  Any account payable to a trustee for another person may be paid on demand to the trustee. Unless the credit union has received written...
• Section 490.63 Payments; Effect; Notice Of Change.
  Payment made pursuant to sections 10, 11 or 12 discharges the credit union from all claims for amounts so paid whether or not the...
• Section 490.64 Right To Set-off Or Lien.
  Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, when a party to a multiple-party account is...
• Section 490.65 Repeal.
  Section 24 of Act No. 285 of the Public Acts of 1925, being section 490.24 of the Compiled Laws of 1948, is repealed. History:...

Last modified: October 10, 2016