MCL 490.82 Credit Union Beneficiary Account; Rights of Owners to Money In Account; Passage of Ownership Rights to Beneficiaries

• Library: Michigan Statutes
• Edition: 2023
• Currency: Current through Public Act 321 of the 2023 Legislative Session
• Year: 2023
• Citation: MCL 490.82

(1) During the lifetime of 1 or more owners of a credit union beneficiary account, all rights to the money in the account belong to the owners. The rights of the owners, if there is more than 1, shall be governed by the contract between them and the credit union establishing the account, and by any applicable law pertaining to accounts with more than 1 owner other than section 7 of Act No. 41 of the Public Acts of 1968, being section 490.57 of the Michigan Compiled Laws.

(2) Upon the death of the owner of a credit union beneficiary account or upon the death of the last surviving owner of a credit union beneficiary account if there was more than 1 owner, all ownership interests in the account shall pass to the person or persons designated as beneficiaries.

(3) If no person designated as beneficiary of a credit union beneficiary account is living at the time of the death of the owner, the account shall be probated as part of the owner's estate. If there is more than 1 person designated as owner and no beneficiary is living at the time of the death of the last surviving owner, the account shall be probated as part of the last surviving owner's estate.