A joint account does not automatically carry a right of survivorship. Leib v Genesee MerchantsBank & Trust Co, 371 Mich 89, 95; 123 NW2d 140 (1963). In the absence of an explicit statement of survivorship in the account, "the intent of the parties can be founded upon other admissible evidence."
"This statute contains [two] conditions to be fulfilled before it becomes controlling." Leib v Genesee Merchants Bank & Tr Co, 371 Mich. 89, 93; 123 N.W.2d 140 (1963). "First, a deposit must be made by a person in the name of the depositor, 'or' any other person," and second, "the deposit be in a form to 'be paid to either or the survivor of them.'"
As we also noted in our prior opinion, our Supreme Court has explained that when the statutory requirements in MCL 487.703 have not been fulfilled (i.e., as pertinent here, making a deposit in a form that includes survivorship language), "we next inquire whether there was anything else in the instrument itself or in the circumstances surrounding the creation of the joint account which would afford any indication of the intent of the party or parties creating it." Leib v Genesee Merchants Bank & Trust Co, 371 Mich 89, 94; 123 NW2d 140 (1963); see also Estate of Morris, unpub op at 8, quoting Leib, 371 Mich at 94. In Negaunee Nat'l Bank v Le Beau, 195 Mich 502, 503-504, 508; 161 NW 974 (1917), our Supreme Court resolved a dispute between two siblings over the funds in their deceased father's bank account on the ground that the decedent had made an inter vivos gift to one of the siblings, Sophia Charles, through the creation of a joint account with her.
Clear and persuasive proof to the contrary may rebut this presumption. Id. However, not every joint account carries a right of survivorship. Leib v Genesee Merchants Bank & Trust Co, 371 Mich 89, 95; 123 NW2d 140 (1963). A signature card establishing that an account is joint does not establish the intent that the account is payable to the survivor.
In that situation, plaintiff could prevail by proving by a preponderance of the evidence that the decedent did not intend for ownership to vest in defendant. This interpretation is consistent with Leib v Genesee Merchants Bank & Trust Co, 371 Mich 89; 123 NW2d 140 (1963). In that case, an uncle and nephew opened a joint checking account with the defendant bank.
MCL 487.703. See also Leib v Genesee Merchants Bank & Trust Co, 371 Mich 89, 93-94; 123 NW2d 140 (1963) (finding that joint account holder was not entitled to statutory presumption where instrument establishing account did not contain necessary survivorship language); Peoples State Bank of Belleville v Allstaedt, 301 Mich 662, 664; 4 NW2d 48 (1942) ("[T]he letter accomplished the purpose of making the account joint, to the extent of being payable to either, [but] it did not, under the statute, making the account payable to the survivor."). According to Endres, two documents form the contractual relationship between Comerica and its customer: the signature card and the business and personal deposit account contract (Account Contract).
Plaintiffs contend that the statutory presumption does not apply here because the word "survivor" does not appear in the two Comerica accounts created in 2004. Plaintiffs cite Leib v Genesee Merchants Bank & Trust Co, 371 Mich 89; 123 NW2d 140 (1963), in support of their contention that the account must have the word "survivor" in order to be an account with rights of survivorship. In that case, an uncle and nephew opened a joint checking account with the defendant bank.
"An account may be joint during the lifetime of the parties without ipsofacto carrying the right of survivorship." Leib v Genesee Merchants Bank Trust Co, 371 Mich. 89, 95; 123 N.W.2d 140 (1963). Thus, we need not address plaintiff's argument that the certificate of deposit does not qualify as a joint account under MCL 487.703; MSA 23.303 because its does not include survivorship language.
Since the account as maintained by the plaintiff's intestate did not meet the requirements of the statute, the statute was not effective to vest title in the defendant Robinson. The Trial Court correctly ruled that "no effective joint account [was] created" (see Leib v. Genesee Merchants Bank, 371 Mich. 89), and that the notation endorsed upon the ledger, the signature card, and the passbook, was an invalid "attempt to make a testamentary disposition." RSA 551:1, 2.