Mich. Comp. Laws » Michigan Compiled Laws / Chapter 490 / Act 41 of 1968
Michigan Compiled Laws

Mich. Comp. Laws § 490.56 (2026)

Survivorship account; death of party, ownership.

✓ current as of July 2026
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CREDIT UNION MULTIPLE-PARTY ACCOUNTS


Act 41 of 1968


490.56 Survivorship account; death of party, ownership.

Sec. 6.

    A multiple-party account payable to 2 or more persons, jointly or severally, which does not expressly provide that there is no right of survivorship, though there is no mention of survivorship or joint tenancy, is presumed to be a survivorship account. At the death of a party, sums on deposit in a survivorship account belong to the surviving party or parties as against the estate of the decedent. Where there are 2 or more survivors, their respective ownerships shall be in proportion to their previous net contributions augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before his death, plus the proceeds of insurance on decedent's life paid to the account. The right of survivorship continues between survivors.

History: 1968, Act 41, Eff. Nov. 15, 1968

Compiler's Notes:

    For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Notes of Decisions
Cited in 3 cases (1 in the last 5 years), 2017–2022 · leading case: in Re Est. of Ilko Podolak (Mich. Ct. App. 2017).
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in Re Est. of Ilko Podolak (Mich. Ct. App. 2017). · cites it 2× “56 provides that a credit union account held by 2 or more persons, whether jointly or otherwise, “which does not expressly provide that there is no right of survivorship,” is presumed to be a survivorship account; “sums on deposit in a survivorship account belong to the…”
in Re Est. of Ilko Podolak (Mich. Ct. App. 2017). · cites it 2× “56 provides that a credit union account held by 2 or more persons, whether jointly or otherwise, “which does not expressly provide that there is no right of survivorship,” is presumed to be a survivorship account; “sums on deposit in a survivorship account belong to the…”
In Re Knoblock Est. (Mich. Ct. App. 2022). “And, in the context of credit union accounts, MCL 490.56 provides that a “multiple-party account payable to 2 or more persons, jointly or severally, which does not expressly provide that there is no right of survivorship, though there is no mention of survivorship or joint…”
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