Michigan Laws 490.53 – Deposit or shares paid on demand
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Terms Used In Michigan Laws 490.53
- 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. See Michigan Laws 490.51
- Demand: means a request for withdrawal or for payment according to an order therefor in compliance with all conditions of the account and bylaws of the credit union. See Michigan Laws 490.51
- Sums on deposit: means the balance payable on a multiple-party account including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party. See Michigan Laws 490.51
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 to the sums on deposit.