MCL - Act 41 of 1968


Act 41 of 1968

AN ACT to regulate credit union multiple-party accounts; and to repeal certain acts and parts of acts.

History: 1968, Act 41, Eff. Nov. 15, 1968

The People of the State of Michigan enact:
Document Type Description
Section 490.51 Section Credit unions; multiple-party accounts; definitions.
Section 490.52 Section Presumptions of ownership; credit unions liability and set-off rights.
Section 490.53 Section Deposit or shares paid on demand.
Section 490.54 Section Equal undivided interests.
Section 490.55 Section Death of party; effect.
Section 490.56 Section Survivorship account; death of party, ownership.
Section 490.57 Section Trust account; beneficial ownership; death of trustee; survivorship.
Section 490.58 Section Bases of presumptions; evidence to rebut; wills.
Section 490.59 Section Effect of unrebutted presumptions; transfers, effect.
Section 490.60 Section Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.
Section 490.61 Section Multiple-party accounts; withdrawals; survivorship accounts, proof of death.
Section 490.62 Section Trust accounts; payments.
Section 490.63 Section Payments; effect; notice of change.
Section 490.64 Section Right to set-off or lien.
Section 490.65 Section Repeal.