Title 566, FRAUDULENT CONVEYANCES AND CONTRACTS

Sec. 5. (1) A transfer made or obligation incurred by a debtor is voidable as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in …

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 transfer is so far perfe…

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 or obligation to the extent necessary to satisfy the creditor's claim. (b…

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 or against any subsequent transferee or obligee. (2) To the extent a transfer is avoidable in an action by a …

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)…

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 lo…

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 o…

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 invalidatin…

Sec. 13. This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among the states enacting it.

Sec. 14. This act modifies, limits, or supersedes the electronic signatures in the global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c) or authorize electronic delivery of any of the notices described in 15 USC 7003(b).

Sec. 15. (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 sections 1 to 13 as amended, and to section 14 and this section as add…