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 the rights of withdrawal of such persons as determined by the terms of account contracts. The provisions of sections 11 to 16 govern the liability of credit unions who make payments pursuant thereto, and their set-off rights.
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 the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
Structure 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.
Section 490.52 - Presumptions of Ownership; Credit Unions Liability and Set-Off Rights.
Section 490.53 - Deposit or Shares Paid on Demand.
Section 490.54 - Equal Undivided Interests.
Section 490.55 - Death of Party; Effect.
Section 490.56 - Survivorship Account; Death of Party, Ownership.
Section 490.57 - Trust Account; Beneficial Ownership; Death of Trustee; Survivorship.
Section 490.58 - Bases of Presumptions; Evidence to Rebut; Wills.
Section 490.59 - Effect of Unrebutted Presumptions; Transfers, Effect.
Section 490.61 - Multiple-Party Accounts; Withdrawals; Survivorship Accounts, Proof of Death.
Section 490.62 - Trust Accounts; Payments.
Section 490.63 - Payments; Effect; Notice of Change.