Sec. 5.
One 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:
| FORM 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:______. |
(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.
History: 1978, Act 53, Imd. Eff. Mar. 9, 1978