Michigan § 490.53 - Deposit or shares paid on demand.
Full text of Michigan Michigan Compiled Laws § 490.53 — Deposit or shares paid on demand., with citation guidance and answers to common questions.
§ 490.53. Deposit or shares paid on demand.
During the lifetime of all parties, a multiple-party account which provides that sums on deposit or in shares may be paid on the demand of either of 2 or more parties is presumed to belong to the parties in proportion to the net contributions by each to the sums on deposit.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 490.53
What does Michigan Compiled Laws § 490.53 cover?
Section 490.53 ("Deposit or shares paid on demand.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 490.53?
A common citation format is "Michigan Compiled Laws § 490.53" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 490.53 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.