Terms Used In Michigan Laws > Chapter 490 > Act 41 of 1968 - Credit Union Multiple-Party Accounts

• 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
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Multiple-party account: means an account in the names of 2 or more persons, 1 or more or all of whom may make withdrawals, or an account in the name of 1 or more parties as trustee for 1 or more beneficiaries even though no mention is made of a right of withdrawal by a beneficiary. See Michigan Laws 490.51
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Party: means a person who, alone or in conjunction with another, by the terms of the account or as a surviving beneficiary of a trust account, has a present right of withdrawal in a multiple-party account. See Michigan Laws 490.51
• Person: includes any person or entity capable of contracting. See Michigan Laws 490.51
• Probate: Proving a will
• 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
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Withdrawal: includes payment to a third person pursuant to directive of a party. See Michigan Laws 490.51