Mich. Comp. Laws » Michigan Compiled Laws / Chapter 487 / Act 53 of 1978
Michigan Compiled Laws

Mich. Comp. Laws § 487.717 (2026)

Withdrawals of funds; liability of financial institution; deposits subject to setoff.

✓ current as of July 2026
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STATUTORY JOINT ACCOUNT ACT


Act 53 of 1978


487.717 Withdrawals of funds; liability of financial institution; deposits subject to setoff.

Sec. 7.

    (1) Financial institutions shall honor withdrawals of funds pursuant to the withdrawal provisions of the statutory joint account contract. In so doing, they shall be relieved of liability to persons having a claim to ownership of the funds. A financial institution shall not be chargeable with changes in rights of withdrawal due to death or incompetency in absence of actual knowledge thereof.

    (2) Deposits in statutory joint accounts shall be subject to setoff for obligations to the financial institution by persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership at the date of setoff.

History: 1978, Act 53, Imd. Eff. Mar. 9, 1978

Notes of Decisions
Cited in 1 case, 2005–2005 · leading case: Echelon Homes, LLC v. Carter Lumber Co., 694 N.W.2d 544 (Mich. 2005).
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Echelon Homes, LLC v. Carter Lumber Co., 694 N.W.2d 544 (Mich. 2005). · cites it 2× “4406(b) ("has actual knowledge"); MCL 487.717(1) ("shall not be chargeable with changes in rights of withdrawal due to death or incompetency in absence of actual knowledge"); MCL 490.”
— Mich. Comp. Laws § 487.717(1) — 1 case
Echelon Homes, LLC v. Carter Lumber Co., 694 N.W.2d 544 (Mich. 2005). “4406(b) ("has actual knowledge"); MCL 487.717(1) ("shall not be chargeable with changes in rights of withdrawal due to death or incompetency in absence of actual knowledge"); MCL 490.”
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