Section 490.81 - DefinitionsAs used in this act:
(a) "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.(b) "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.(c) "Credit union" means a state or federal chartered credit union.(d) "Owner" means the person or persons designated as the owner in the documents establishing a credit union beneficiary account.(e) "Person" means an individual, corporation, partnership, association, governmental entity, or any other legal entity.1992, Act 31, Imd. Eff. 4/17/1992 .