Mich. Comp. Laws § 490.81: Definitions.

Sec. 1.

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.