Section 566.43 – Application and Construction of Act.
566.43 Application and construction of act. Sec. 13. This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among the states enacting it. History: 1998, Act 434, Imd. Eff. Dec. 30, 1998 ;– Am. 2016, Act 552, Eff. Apr. 10, […]
Section 566.44 – Electronic Signatures or Delivery.
566.44 Electronic signatures or delivery. Sec. 14. This act modifies, limits, or supersedes the electronic signatures in the global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c) or authorize electronic delivery of any of the notices described in 15 USC 7003(b). History: Add. 2016, […]
Section 566.45 – Short Title; Applicable Provisions.
566.45 Short title; applicable provisions. Sec. 15. (1) This act, which was formerly known and cited as the “uniform fraudulent transfer act”, shall be known and may be cited as the “uniform voidable transactions act”. (2) All of the following apply to sections 1 to 13 as amended, and to section 14 and this section […]
Section 566.36 – Transfer as Perfected; Completion.
566.36 Transfer as perfected; completion. Sec. 6. (1) A transfer is made under this act when 1 of the following occurs: (a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the […]
Section 566.37 – Action for Relief Against Transfer or Obligation; Right of Creditor to Execution on Asset or Proceeds.
566.37 Action for relief against transfer or obligation; right of creditor to execution on asset or proceeds. Sec. 7. (1) In an action for relief against a transfer or obligation under this act, a creditor, subject to the limitations in section 8, may obtain 1 or more of the following: (a) Avoidance of the transfer […]
Section 566.38 – Transfer or Obligation Not Voidable; Recovery of Judgment; Rights of Good-Faith Transferee or Oblige; Burden of Proof; Preponderance of Evidence as Standard of Proof.
566.38 Transfer or obligation not voidable; recovery of judgment; rights of good-faith transferee or oblige; burden of proof; preponderance of evidence as standard of proof. Sec. 8. (1) A transfer or obligation is not voidable under section 4(1)(a) against a person that took in good faith and for a reasonably equivalent value given the debtor […]
Section 566.39 – Claim for Relief; Extinguishment.
566.39 Claim for relief; extinguishment. Sec. 9. A claim for relief with respect to a transfer or obligation under this act is extinguished unless action is brought within 1 or more of the following time periods: (a) Except as otherwise provided in subdivision (c), if the claim for relief is under section 4(1)(a) or (b) […]
Section 566.40 – Debtor’s and Qualified Trustee’s Location; Jurisdiction.
566.40 Debtor’s and qualified trustee’s location; jurisdiction. Sec. 10. (1) In this section, except as provided in subsection (2), the following rules determine a debtor’s location: (a) A debtor who is an individual is located at the individual’s principal residence. (b) A debtor that is an organization and has only 1 place of business is […]
Section 566.41 – “Protected Series” and “Series Organization” Defined.
566.41 “Protected series” and “series organization” defined. Sec. 11. (1) As used in this section: (a) “Protected series” means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in subdivision (b). (b) “Series organization” means an organization that, […]
Section 566.42 – Principles of Law and Equity as Supplemental Provisions of Act.
566.42 Principles of law and equity as supplemental provisions of act. Sec. 12. Unless displaced by the provisions of this act, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement the […]