487.713 Definitions. Sec. 3. (a) 'Deposits' means funds on deposit in a financial institution, including interest. (b) 'Joint account' means a deposit in a financial institution in which 2 or more persons have an interest, either by way of ownership or right of withdrawal. (c) 'Statutory joint account' means a joint account as to which a statutory joint account contract, as provided in this act, has been signed by a person having a right of withdrawal on the account. History: 1978, Act 53, Imd. Eff. Mar. 9, 1978
Michigan Legal Code