Michigan Compiled Laws

Mich. Comp. Laws § 490.64 (2026)

Right to set-off or lien.

✓ current as of July 2026

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CREDIT UNION MULTIPLE-PARTY ACCOUNTS

Act 41 of 1968

490.64 Right to set-off or lien.

Sec. 14.

Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, when a party to a multiple-party account is indebted to a credit union, the credit union has a right to set-off against the entire amount of the account.

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 2 cases, 2011–2011 · leading case: In Re Hess, 456 B.R. 309 (Bankr. E.D. Mich. 2011).

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In Re Hess, 456 B.R. 309 (Bankr. E.D. Mich. 2011). · cites it 7× “Creditor further alleged that it was entitled to exercise its setoff rights to the funds in the Account pursuant to Mich. Comp. Laws § 490.64 . Creditor moved for relief from the automatic stay to allow it to setoff the balance of the funds on deposit in the Account against the…”

In re Houston, 463 B.R. 452 (Bankr. E.D. Mich. 2011). · cites it 17× “361 (4); and (2) the Credit Union is entitled to set-off against the Survivorship Account because (a) the presumptions set forth in Mich.”

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