566.31 Definitions. Sec. 1. As used in this act: (a) “Affiliate” means a person that is 1 or more of the following: (i) A person that directly or indirectly owns, controls, or holds with power to vote 20% or more of the outstanding voting securities of the debtor, other than a person that holds the […]
566.32 Insolvency. Sec. 2. (1) A debtor is insolvent if, at a fair valuation, the sum of the debtor’s debts is greater than the sum of the debtor’s assets. (2) A debtor that is generally not paying the debtor’s debts as they become due other than as a result of a bona fide dispute is […]
566.33 Transfer for value. Sec. 3. (1) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied. Value does not include an unperformed promise made otherwise than in the ordinary course of the promisor’s business to furnish […]
566.34 Transfer with intent to defraud. Sec. 4. (1) Except as otherwise provided in subsection (4), a transfer made or obligation incurred by a debtor is voidable as to a creditor, whether the creditor’s claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or […]
566.35 Transfer by debtor as voidable. Sec. 5. (1) A transfer made or obligation incurred by a debtor is voidable as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange […]
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 […]
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 […]
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 […]
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) […]
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 […]
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, […]
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 […]
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, […]
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, […]
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 […]
