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Can you summarize MICL, Act 248 of 1909?
FINANCIAL INSTITUTIONS > PAYMENT OF DEPOSITS (487.701 - 487.703)
Short Summary
This legal document, as per the Michigan Compiled Laws, governs the rules regarding deposits made in joint names in banking institutions. When a deposit is made in the name of a depositor or another person, and is payable to either or the survivor of them, the deposit and any additions made by either person become the joint property of the named persons. The deposit can be paid to either person during their lifetime or to the survivor after the death of one of them. The receipt or acquittance of such payment is considered a valid release and discharge for the banking institution. The document also states that the making of the deposit in such form is prima facie evidence of the intention to vest title to the deposit in the survivor. This document provides clarity on the rights and obligations of joint depositors and banking institutions in Michigan.
Whom does it apply to?
Depositor, another person, banking institutions
What does it govern?
Rules regarding deposits made in joint names in banking institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Michigan