Michigan Laws 490.62 – Trust accounts; payments
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Terms Used In Michigan Laws 490.62
- 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
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means any person named a beneficial owner when an account provides that it is payable to a trustee for the beneficial owner. See Michigan Laws 490.51
- Decedent: A deceased person.
- 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
- Person: includes any person or entity capable of contracting. See Michigan Laws 490.51
- Proof of death: includes a death certificate or other statement issued by an appropriate official which indicates that a named person is dead. See Michigan Laws 490.51
- Trustee: A person or institution holding and administering property in trust.
Any account payable to a trustee for another person may be paid on demand to the trustee. Unless the credit union has received written notice of the terms of any trust other than the form of the account, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the credit union showing that his decedent was the survivor of all other persons named on the account either as trustee or beneficiary; and payment may be made, on demand, to the beneficiary upon presentation to the credit union of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.