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: 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.