Michigan § 487.701 - Minor's deposit; payment; receipt or acquittance sufficient.
Full text of Michigan Michigan Compiled Laws § 487.701 — Minor's deposit; payment; receipt or acquittance sufficient., with citation guidance and answers to common questions.
§ 487.701. Minor's deposit; payment; receipt or acquittance sufficient.
When any deposit of money shall be made in any bank or trust company by or in the name of any minor, the same shall be held for the exclusive right and benefit of such minor, and shall be paid, together with the dividends and interest thereon to the person in whose name the deposit shall have been made, and the receipt or acquittance of such minor shall be a valid and sufficient release and discharge for such deposit, or any part thereof to the corporation.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.701
What does Michigan Compiled Laws § 487.701 cover?
Section 487.701 ("Minor's deposit; payment; receipt or acquittance sufficient.") 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 § 487.701?
A common citation format is "Michigan Compiled Laws § 487.701" (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 § 487.701 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.