Michigan § 490.81 - Definitions.
Full text of Michigan Michigan Compiled Laws § 490.81 — Definitions., with citation guidance and answers to common questions.
§ 490.81. Definitions.
As used in this act:
"Beneficiary" means a person who does not have an ownership interest in a beneficiary account but is the person designated to receive the funds in the beneficiary account upon the death of the owner of the account.
"Beneficiary account" means a share or deposit account in a credit union where 1 or more persons are designated as owners and 1 or more other persons are designated as beneficiaries. A beneficiary account is not a trust or trustee for beneficiary account.
"Credit union" means a state or federal chartered credit union.
"Owner" means the person or persons designated as the owner in the documents establishing a credit union beneficiary account.
"Person" means an individual, corporation, partnership, association, governmental entity, or any other legal entity.
Frequently Asked Questions About Michigan § 490.81
What does Michigan Compiled Laws § 490.81 cover?
Section 490.81 ("Definitions.") 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 § 490.81?
A common citation format is "Michigan Compiled Laws § 490.81" (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 § 490.81 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.