Legal Question in Credit and Debt Law in Michigan

In Michigan 500 dollars is immune to garnishment in a savings account. How do they define savings account? For instance you migh save some money in a checking account would that much be immune in that kind of account used for savings?

Asked on 11/20/11, 4:49 pm

1 Answer from Attorneys

Thomas R. Morris Silverman & Morris, P.L.L.C.

Under the Michigan Savings and Loan Act of 1980, deposits of up to $500 in a state savings and loan (called and "association" under the act) are exempt from garnishment or other process. MCL 491.628.

Problem is that, last time I checked, there was no state S&L in existence in Michigan. Until someone forms a state S&L under the act, the exemption is not available.

This answer is for discussion purposes and does not constitute legal advice.

Read more
Answered on 11/21/11, 8:44 am

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Michigan