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Can you summarize MICL, Act 349 of 1925?
FINANCIAL INSTITUTIONS > ADVERSE CLAIM TO BANK DEPOSIT (487.691 - 487.691)
Short Summary
The provided legal document content pertains to the process for recognizing adverse claims to bank deposits in Michigan. The law requires claimants to provide notice to the bank and either obtain a restraining order or injunction from a court of competent jurisdiction against the bank, with the person to whose credit the deposit stands as a party, or execute a bond indemnifying the bank from any liability, loss, damage, costs, and expenses related to the adverse claim or the dishonor of the person’s check or order. However, there is an exemption if the person to whose credit the deposit stands is a fiduciary for the adverse claimant and the claimant provides an affidavit demonstrating the fiduciary relationship and reasonable cause to believe misappropriation is imminent. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Claimants, banks, persons to whose credit the deposit stands
What does it govern?
Recognizing adverse claims to bank deposits
What are exemptions?
The law does not apply if the person to whose credit the deposit stands is a fiduciary for the adverse claimant and the claimant provides an affidavit demonstrating the fiduciary relationship and reasonable cause to believe misappropriation is imminent.
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Michigan