Michigan Laws 566.37 – Action for relief against transfer or obligation; right of creditor to execution on asset or proceeds
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Terms Used In Michigan Laws 566.37
- Asset: means property of a debtor. See Michigan Laws 566.31
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Creditor: means a person that has a claim. See Michigan Laws 566.31
- Debtor: means a person that is liable on a claim. See Michigan Laws 566.31
- Disposition: means that term as defined in section 2 of the qualified dispositions in trust act, 2016 PA 330, MCL 700. See Michigan Laws 566.31
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means anything that may be the subject of ownership. See Michigan Laws 566.31
- Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset. See Michigan Laws 566.31
(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 or obligation to the extent necessary to satisfy the creditor’s claim.
(b) An attachment or other provisional remedy against the asset transferred or other property of the transferee if available under applicable law.
(c) Subject to applicable principles of equity and in accordance with applicable court rules and statutes, 1 or more of the following:
(i) An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property.
(ii) Appointment of a receiver to take charge of the asset transferred or of other property of the transferee.
(iii) Any other relief the court determines appropriate.
(2) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.