490.51 Credit unions; multiple-party accounts; definitions. Sec. 1. As used in this act: (a) “Account” means a contract of deposit of funds between depositors and credit unions, and includes deposit accounts, members or share accounts and other like arrangements whether or not they may be characterized as refundable capital investments. (b) “Beneficiary” means any person […]
490.52 Presumptions of ownership; credit unions liability and set-off rights. Sec. 2. 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 relevant only to controversies between these persons or their creditors and other successors, and shall have no bearing on […]
490.53 Deposit or shares paid on demand. Sec. 3. 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 of either of 2 or more parties is presumed to belong to the parties in proportion to the net contributions by each […]
490.54 Equal undivided interests. Sec. 4. In the absence of satisfactory proof of the net contributions, those who are parties from time to time shall be presumed to own a multiple-party account in equal undivided interests. History: 1968, Act 41, Eff. Nov. 15, 1968 Compiler’s Notes: For transfer of authority, powers, duties, functions, and responsibility […]
490.55 Death of party; effect. Sec. 5. 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 the decedent’s right to his estate, unless the account is a survivorship account or trust account, as provided in sections 6 and 7. History: […]
490.56 Survivorship account; death of party, ownership. Sec. 6. 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, though there is no mention of survivorship or joint tenancy, is presumed to be a survivorship account. At the death of a […]
490.57 Trust account; beneficial ownership; death of trustee; survivorship. Sec. 7. An account which states that a party is a trustee for 1 or more other identified persons, including but not limited to minors, is a trust account. Except where there is evidence of a trust other than as provided by the form of the […]
490.58 Bases of presumptions; evidence to rebut; wills. Sec. 8. 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 the usual expectations of people using these accounts. The presumptions are rebuttable by clear and convincing evidence of a different intention. […]
490.59 Effect of unrebutted presumptions; transfers, effect. Sec. 9. Where not rebutted by clear and convincing evidence, the presumptions provided in this act are effective to establish beneficial ownership. Any transfers resulting from the application of these presumptions are effective by reason of the account contracts involved in this act and are not to be […]
490.60 Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights. Sec. 10. 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 paid, on demand, to any 1 or more of the parties unless the terms of the account […]
490.61 Multiple-party accounts; withdrawals; survivorship accounts, proof of death. Sec. 11. 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 party without regard to whether any other party is incompetent or deceased at the time the payment is demanded, except, […]
490.62 Trust accounts; payments. Sec. 12. Any account payable to a trustee for another person may be paid on demand to the trustee. Unless the credit union has received written notice of the terms of any trust other than the form of the account, payment may be made to the personal representative or heirs of […]
490.63 Payments; effect; notice of change. Sec. 13. Payment made pursuant to sections 10, 11 or 12 discharges the credit union from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, or beneficiaries, or their successors. The protection here given does […]
490.64 Right to set-off or lien. Sec. 14. 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 indebted to a credit union, the credit union has a right to set-off against the entire amount of the account. History: 1968, Act […]
490.65 Repeal. Sec. 15. 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: 1968, Act 41, Eff. Nov. 15, 1968 Compiler’s Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of […]
