Section 487.711 – Short Title.
487.711 Short title. Sec. 1. 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.
487.712 Meanings of words and phrases. Sec. 2. For the purposes of this act, the words and phrases defined in sections 3 and 4 have the meaning ascribed to them in those sections. History: 1978, Act 53, Imd. Eff. Mar. 9, 1978
Section 487.713 – Definitions.
487.713 Definitions. Sec. 3. (a) “Deposits” means funds on deposit in a financial institution, including interest. (b) “Joint account” means a deposit in a financial institution in which 2 or more persons have an interest, either by way of ownership or right of withdrawal. (c) “Statutory joint account” means a joint account as to which […]
Section 487.714 – Additional Definitions.
487.714 Additional definitions. Sec. 4. (a) “Financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state […]
Section 487.715 – Statutory Joint Account; Creation; Signing Contract; Form of Contract; Acknowledging Receipt of Contract; Adding Additional Parties; Modifying Form of Contract.
487.715 Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract. Sec. 5. One or more persons may create a statutory joint account by signing a statutory joint account contract with a financial institution that is agreeable to the contract with indicated insertions in form […]
Section 487.716 – Nature and Effect of Statutory Joint Accounts; Failure to Answer Question in Contract.
487.716 Nature and effect of statutory joint accounts; failure to answer question in contract. Sec. 6. The creation of a statutory joint account is a contract as to ownership of the deposits and is effective pursuant to its terms without regard to requirements of testamentary dispositions. The rights of persons in joint accounts which are […]
Section 487.717 – Withdrawals of Funds; Liability of Financial Institution; Deposits Subject to Setoff.
487.717 Withdrawals of funds; liability of financial institution; deposits subject to setoff. Sec. 7. (1) Financial institutions shall honor withdrawals of funds pursuant to the withdrawal provisions of the statutory joint account contract. In so doing, they shall be relieved of liability to persons having a claim to ownership of the funds. A financial institution […]
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.
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. Sec. 8. Deposits in a statutory joint account shall be subject to the rights of creditors of the persons designated in the statutory joint account contract as owners of […]
Section 487.719 – Payment of Widow’s Allowance or Allowance for Dependent Children Upon Death of Person Owning Deposits in Statutory Joint Account.
487.719 Payment of widow’s allowance or allowance for dependent children upon death of person owning deposits in statutory joint account. Sec. 9. Upon the death of a person who in his or her lifetime owned the deposits in a statutory joint account, to the extent of the decedent’s ownership immediately before his or her death, […]