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Code · Michigan · Chapter 487 — Financial Institutions

487.713 Definitions.

88 words·~1 min read·/mi/chapter-487/487-713

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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 a statutory joint account contract, as provided in this act, has been signed by a person having a right of withdrawal on the account.
History: 1978, Act 53, Imd. Eff. Mar. 9, 1978
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