Michigan Laws 487.715 – Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract
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Terms Used In Michigan Laws 487.715
- Contract: A legal written agreement that becomes binding when signed.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
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 substantially as follows:
FORM OF STATUTORY JOINT ACCOUNT CONTRACT | |||
1. | Name of financial institution: | ||
2. | Nature of Account: | ||
Check______Savings Account; | |||
______Commercial Account; | |||
______Certificate of Deposit; | |||
______Other Credits (describe): | |||
3. | Name and address of person designated as A: | ||
4. | Name and address of person designated as B: | ||
5. | Who may withdraw funds during lifetime of A and B: | ||
Check______A;______B;______Either A or B; | |||
______Signatures of both A and B. | |||
6. | Who may revoke this contract by written notice to the financial institution: | ||
Check______A;______B;______Either A or B; | |||
______Signatures of both A and B. In the event of | |||
revocation, the right to withdraw funds shall be determined by designation of ownership in item 7. | |||
7. | Who owns the funds during the lifetime of A and B: | ||
Check______A;______B;______Equally by A and B; | |||
Other proportions (describe):______ | |||
8. | Who owns the funds and has the right to withdraw if A dies first: | ||
Check______B;______A’s estate;______Equally by B and A’s estate; | |||
Other proportions (describe):______. | |||
9. | Who owns the funds and has the right to withdraw if B dies first: | ||
Check______A;______B’s estate;______Equally by A and B’s estate; | |||
Other proportions (describe):______. | |||
10. | If A and B should die simultaneously without proof of who survives, which provision shall control: | ||
Check______Item 8 above;______Item 9 above. | |||
11. | Signature of persons having right of withdrawal:______. | ||
12. | Date of signature:______. | ||
Note: (1) Each person who signs this contract shall receive a copy of this contract and their signature shall constitute acknowledgement of receipt.
(2) When more than 2 persons are involved, additional parties may be added by designation of “C”, etc. and the form of this contract shall be modified to conform therewith.