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 566.31 – 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 […]