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

Mich. Comp. Laws § 487.718 (2026)

Deposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.

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STATUTORY JOINT ACCOUNT ACT


Act 53 of 1978


487.718 Deposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.

Sec. 8.

    Deposits in a statutory joint account shall be subject to the rights of creditors of the persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership, except that the funds shall remain subject to laws applicable to transfers in fraud of creditors. If in his or her lifetime, a deceased person was an owner of a statutory joint account, the estate, in event of its insolvency, may recover from the surviving owner so much of the deposits as were owned by the deceased person immediately before the deceased person's death to the extent required to satisfy claims against the estate.

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

Notes of Decisions
Cited in 3 cases, 1993–2011 · leading case: Dep't of Treasury v. Comerica Bank, 506 N.W.2d 283 (Mich. Ct. App. 1993).
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Dep't of Treasury v. Comerica Bank, 506 N.W.2d 283 (Mich. Ct. App. 1993). · cites it 2× “4 MCL 487.718; MSA 23.295(8) provides: Deposits in a statutory joint account shall be subject to the rights of creditors of the persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership, except that the funds shall remain…”
Danielson v. Lazoski, 531 N.W.2d 799 (Mich. Ct. App. 1995). · cites it 2× “See also MCL 487.718; MSA 23.295(8) (providing that depos *627 its in statutory joint accounts are reachable by creditors only to the extent of the debtor’s ownership).”
In re Houston, 463 B.R. 452 (Bankr. E.D. Mich. 2011). “While this Court’s conclusion that the Credit Union’s set-off rights are subject to the parties rights to establish ownership of a multiple-party account is based on a careful reading of the relevant statutes, there are also strong policy reasons supporting this Court’s…”
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