Michigan § 490.60 - Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.
Full text of Michigan Michigan Compiled Laws § 490.60 — Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights., with citation guidance and answers to common questions.
§ 490.60. Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.
A credit union may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on demand, to any 1 or more of the parties unless the terms of the account expressly stipulate that joint signatures are required. No credit union shall be required to inquire as to the source of funds received for deposit to a multiple-party account or to inquire as to the proposed application of any sum withdrawn from an account. Such an account may be created with any person designated by the credit union member, but no joint tenant shall be permitted to vote, obtain loans or hold office unless he is within the field of membership and is a qualified member.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 490.60
What does Michigan Compiled Laws § 490.60 cover?
Section 490.60 ("Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.") 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 § 490.60?
A common citation format is "Michigan Compiled Laws § 490.60" (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 § 490.60 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.