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 […]
Section 566.31 – Definitions.
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 […]
Section 566.32 – Insolvency.
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 […]