Michigan § 487.716 - Nature and effect of statutory joint accounts; failure to answer question in contract.
Full text of Michigan Michigan Compiled Laws § 487.716 — Nature and effect of statutory joint accounts; failure to answer question in contract., with citation guidance and answers to common questions.
§ 487.716. Nature and effect of statutory joint accounts; failure to answer question in contract.
The creation of a statutory joint account is a contract as to ownership of the deposits and is effective pursuant to its terms without regard to requirements of testamentary dispositions. The rights of persons in joint accounts which are not statutory joint accounts are not affected by this act. The failure to answer a question in a statutory joint account contract shall not invalidate the contract, but it shall be enforceable pursuant to its terms as to the questions answered and pursuant to the common law as to any unanswered question or ambiguities, with the purpose of effectuating the intent of the parties.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.716
What does Michigan Compiled Laws § 487.716 cover?
Section 487.716 ("Nature and effect of statutory joint accounts; failure to answer question in contract.") 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 § 487.716?
A common citation format is "Michigan Compiled Laws § 487.716" (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 § 487.716 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.