Michigan Compiled Laws Act 434 Of 1998 Uniform Fraudulent Transfer Act (566.31 - 566.43)

AN ACT to define and regulate fraudulent transfers and conveyances; to set aside and modify certain transfers and conveyances; to make uniform the law of fraudulent transfers; and to repeal acts and parts of acts.

History: 1998, Act 434, Imd. Eff. Dec. 30, 1998

Section 566.31 Definitions.
As used in this act: (a) "Affiliate" means 1 or more of the following: (i) A person who directly or indirectly owns, controls, or...
Section 566.32 Insolvency.
(1) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation....
Section 566.33 Transfer For Value.
(1) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent...
Section 566.34 Transfer With Intent To Defraud.
(1) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after...
Section 566.35 Transfer By Debtor As Fraud.
(1) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made...
Section 566.36 Completion Of Transfer; Perfection.
(1) A transfer is made under this act when 1 of the following occurs: (a) With respect to an asset that is real property...
Section 566.37 Action For Relief Against Transfer Or Obligation; Right Of Creditor To Execution On Asset Or Proceeds.
(1) In an action for relief against a transfer or obligation under this act, a creditor, subject to the limitations in section 8, may...
Section 566.38 Transfer Or Obligation Not Voidable; Recovery Of Judgment; Rights Of Good-faith Transferee Or Obligee.
(1) A transfer or obligation is not voidable under section 4(1)(a) against a person who took in good faith and for a reasonably equivalent...
Section 566.39 Cause Of Action; Extinguishment.
A cause of action with respect to a fraudulent transfer or obligation under this act is extinguished unless action is brought under 1 or...
Section 566.40 Supplemental Principles Of Law And Equity.
Unless in conflict with the provisions of this act, the principles of law and equity, including the law merchant and the law relating to...
Section 566.41 Application And Construction Of Act.
This act shall be applied and construed to effectuate its general purpose to make uniform the law of fraudulent conveyance among the states enacting...
Section 566.42 Short Title.
This act shall be known and may be cited as the “uniform fraudulent transfer act”. History: 1998, Act 434, Imd. Eff. Dec. 30, 1998
Section 566.43 Repeal Of Mcl 566.11 To 566.23.
The uniform fraudulent conveyance act, 1919 PA 310, MCL 566.11 to 566.23, is repealed. History: 1998, Act 434, Imd. Eff. Dec. 30, 1998

Last modified: October 10, 2016