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 […]
Section 566.1 – Agreements to Modify or Discharge Contracts and Obligations Valid Without Consideration.
566.1 Agreements to modify or discharge contracts and obligations valid without consideration. Sec. 1. An agreement hereafter made to change or modify, or to discharge in whole or in part, any contract, obligation, or lease, or any mortgage or other security interest in personal or real property, shall not be invalid because of the absence […]
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 […]