Sec. 7. (1) Financial institutions shall honor withdrawals of funds pursuant to the withdrawal provisions of the statutory joint account contract. In so doing, they shall be relieved of liability to persons having a claim to ownership of the funds. A financial institution shall not be chargeable with changes in rights of withdrawal due to death or incompetency in absence of actual knowledge thereof. (2) Deposits in statutory joint accounts shall be subject to setoff for obligations to the financial institution by persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership at the date of setoff.
Mich. Comp. Laws § 487.717
Withdrawals of funds; liability of financial institution; deposits subject to setoff
Applied in 1 court decision — leading case Echelon Homes, LLC v. Carter Lumber Co. (2005)
Most recently applied in Echelon Homes, LLC v. Carter Lumber Co. (April 2005)
1978, Act 53, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.