Legal Question in Wills and Trusts in Michigan
esceat laws
In a case where there is a cd in a credit union for let us say $50,000 and there is no clear indication as to beneficiary and the credit union has lost all records, is there a time limit that money) can remain inactive before it escheats to state of Michigan?
Asked on 7/15/04, 11:15 pm
1 Answer from Attorneys
Blake Lipman
Law Office of Blake P. Lipman
Re: esceat laws
If the account has been "abandoned" then generally, 5 years is the period before escheating to the state. There are things that may forestall, extend, or prevent the esheat in five years. For more info., please contact my office at (248)851-3171.
Answered on 7/19/04, 11:33 am
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