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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 5. One or more persons may create a statutory joint account by signing a statutory joint account contract with a financial institution that is agreeable to the contract with indicated insertions in form substantially as follows:
FORM OF STATUTORY JOINT ACCOUNT CONTRACT|
1. |
Name of financial institution: |
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2. |
Nature of Account: |
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Check |
________ Savings Account; |
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________ Commercial Account; |
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________ Certificate of Deposit; |
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________ Other Credits (describe): |
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3. |
Name and address of person designated as A: |
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4. |
Name and address of person designated as B: |
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5. |
Who may withdraw funds during lifetime of A and B: |
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5. |
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________ A; ________ B; ________ Either A or B; |
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________ Signatures of both A and B. |
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6. |
Who may revoke this contract by written notice to the financial |
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institution: |
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________ A; ________ B; ________ Either A or B; |
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________ Signatures of both A and B. In the event of revocation, the right to withdraw funds shall be determined by designation of ownership in item 7. |
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7. |
Who owns the funds during the lifetime of A and B: |
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________ A; ________ B; ________ Equally by A and B; |
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Other proportions (describe): ________ |
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8. |
Who owns the funds and has the right to withdraw if A dies first: |
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________ B; ________ A's estate; ________ Equally by B and A's estate; |
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Other proportions (describe): ________. |
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9. |
Who owns the funds and has the right to withdraw if B dies first: |
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Check |
________ A; ________ B's estate; ________ Equally by A and B's estate; |
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Other proportions (describe): ________. |
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10. |
If A and B should die simultaneously without proof of who survives, which |
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provision shall control: |
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Check ________ Item 8 above; ________ Item 9 above. |
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11. |
Signature of persons having right of withdrawal: ________. |
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12. |
Date of signature: ________. |
Note: (1) Each person who signs this contract shall receive a copy of this contract and their signature shall constitute acknowledgment of receipt.
(2) When more than 2 persons are involved, additional parties may be added by designation of “C”, etc. and the form of this contract shall be modified to conform therewith.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.715 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-487-financial-institutions/mi-comp-laws-487-715/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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