Michigan Laws 566.45 – Short title; applicable provisions
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Terms Used In Michigan Laws 566.45
- 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.
- 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) This act, which was formerly known and cited as the “uniform fraudulent transfer act”, shall be known and may be cited as the “uniform voidable transactions act”.
(2) All of the following apply to section 1 to 13 as amended, and to section 14 and this section as added, by the amendatory act that added this section:
(a) The sections as amended or added apply to a transfer made or obligation incurred on or after the effective date of the amendatory act that added this section.
(b) The sections as amended or added do not apply to a transfer made or obligation incurred before the effective date of the amendatory act that added this section.
(c) The sections as amended or added do not apply to a right of action that accrued before the effective date of the amendatory act that added this section.
(d) For purposes of this subsection, a transfer is made and an obligation is incurred at the time provided in section 6.