Michigan Compiled Laws § 450.1554 Action Against Director Or Shareholder; Limitation.

450.1554 Action against director or shareholder; limitation.

Sec. 554.

An action against a director or shareholder for recovery upon a liability imposed by section 551 shall be commenced within 3 years after the cause of action accrues. An action under section 552 shall be commenced within 3 years after payment by the director to the corporation.

History: 1972, Act 284, Eff. Jan. 1, 1973

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Last modified: October 10, 2016