This bill amends the existing law regarding joint ownership of personal property with right of survivorship, specifically changing the terminology from "husband and wife" to "spouses." The title and Section 1 of the law are updated to reflect this change, ensuring that the provisions apply equally to all couples, regardless of gender. The bill clarifies that all bonds, certificates of stock, mortgages, promissory notes, debentures, or other evidences of indebtedness made payable to spouses will be held in joint tenancy unless otherwise specified in the evidence of indebtedness.

Additionally, the bill maintains that the ownership of such personal property by spouses will be subject to the same restrictions, consequences, and conditions as those applicable to real estate held jointly by spouses under Michigan law. The right of survivorship is preserved, allowing the surviving spouse to inherit the deceased spouse's share. The enactment of this amendment is contingent upon the approval of specific Senate or House Joint Resolutions becoming part of the state constitution.

Statutes affected:
House Introduced Bill: 557.151