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MCL 490.81 Definitions
| Library | Michigan Statutes |
| Edition | 2023 |
| Currency | Current through Public Act 321 of the 2023 Legislative Session |
| Year | 2023 |
| Citation | MCL 490.81 |
As used in this act:
(a) "Beneficiary" means a person who does not have an ownership interest in a beneficiary account but is the person designated to receive the funds in the beneficiary account upon the death of the owner of the account.
(b) "Beneficiary account" means a share or deposit account in a credit union where 1 or more persons are designated as owners and 1 or more other persons are designated as beneficiaries. A beneficiary account is not a trust or trustee for beneficiary account.
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