{"data":{"id":"us-mi/mich.-comp.-laws-487.715","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.715","heading":"Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract.","body":"Sec. 5.\n\nOne or more persons may create a statutory joint account by signing a statutory joint account contract with a financial institution that is agreeable to the contract with indicated insertions in form substantially as follows:\n\nFORM OF STATUTORY JOINT ACCOUNT CONTRACT 1. Name of financial institution: 2. Nature of Account: Check______Savings Account; ______Commercial Account; ______Certificate of Deposit; ______Other Credits (describe): 3. Name and address of person designated as A: 4. Name and address of person designated as B: 5. Who may withdraw funds during lifetime of A and B: Check______A;______B;______Either A or B; ______Signatures of both A and B. 6. Who may revoke this contract by written notice to the financial institution: Check______A;______B;______Either A or B; ______Signatures of both A and B. In the event of revocation, the right to withdraw funds shall be determined by designation of ownership in item 7. 7. Who owns the funds during the lifetime of A and B: Check______A;______B;______Equally by A and B; Other proportions (describe):______ 8. Who owns the funds and has the right to withdraw if A dies first: Check______B;______A's estate;______Equally by B and A's estate; Other proportions (describe):______. 9. Who owns the funds and has the right to withdraw if B dies first: Check______A;______B's estate;______Equally by A and B's estate; Other proportions (describe):______. 10. If A and B should die simultaneously without proof of who survives, which provision shall control: Check______Item 8 above;______Item 9 above. 11. Signature of persons having right of withdrawal:______. 12. Date of signature:______.\n\nFORM OF STATUTORY JOINT ACCOUNT CONTRACT\n\n1.\n\nName of financial institution:\n\n2.\n\nNature of Account:\n\nCheck______Savings Account;\n\n______Commercial Account;\n\n______Certificate of Deposit;\n\n______Other Credits (describe):\n\n3.\n\nName and address of person designated as A:\n\n4.\n\nName and address of person designated as B:\n\n5.\n\nWho may withdraw funds during lifetime of A and B:\n\nCheck______A;______B;______Either A or B;\n\n______Signatures of both A and B.\n\n6.\n\nWho may revoke this contract by written notice to the financial institution:\n\nCheck______A;______B;______Either A or B;\n\n______Signatures of both A and B. In the event of\n\nrevocation, the right to withdraw funds shall be determined by designation of ownership in item 7.\n\n7.\n\nWho owns the funds during the lifetime of A and B:\n\nCheck______A;______B;______Equally by A and B;\n\nOther proportions (describe):______\n\n8.\n\nWho owns the funds and has the right to withdraw if A dies first:\n\nCheck______B;______A's estate;______Equally by B and A's estate;\n\nOther proportions (describe):______.\n\n9.\n\nWho owns the funds and has the right to withdraw if B dies first:\n\nCheck______A;______B's estate;______Equally by A and B's estate;\n\nOther proportions (describe):______.\n\n10.\n\nIf A and B should die simultaneously without proof of who survives, which provision shall control:\n\nCheck______Item 8 above;______Item 9 above.\n\n11.\n\nSignature of persons having right of withdrawal:______.\n\n12.\n\nDate of signature:______.\n\nNote: (1) Each person who signs this contract shall receive a copy of this contract and their signature shall constitute acknowledgement of receipt.\n\n(2) When more than 2 persons are involved, additional parties may be added by designation of \"C\", etc. and the form of this contract shall be modified to conform therewith.","path":["MI Code","Chapter 487","Act Act-53-of-1978"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-715","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"2e1b9cd89e9ab34de3ddbe800166ac3ced232c8d998e9ac6dd559fb5ee1acea3","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.714","next":"us-mi/mich.-comp.-laws-487.716"},"notice":"GroundRules: Original legal text. Not legal advice."}