The bill amends the 1927 PA 212, which governs joint ownership of personal property with right of survivorship. The key changes include updating the terminology from "husband and wife" to "spouses" throughout the text, thereby making the language more inclusive. Additionally, the bill clarifies that all bonds, certificates of stock, mortgages, promissory notes, and other evidences of indebtedness made payable to spouses will be held in joint tenancy unless otherwise specified in the evidence of indebtedness.

Furthermore, the bill maintains that the ownership of such personal property by spouses will be subject to the same restrictions and conditions as real estate held jointly under state law, ensuring full rights of survivorship if either spouse dies. 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