Michigan Laws 500.8159 – Failure to transfer assets
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Terms Used In Michigan Laws 500.8159
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Foreign country: means any other jurisdiction not in any state. See Michigan Laws 500.8103
- Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See Michigan Laws 500.8103
- State: means a state, district, or territory of the United States. See Michigan Laws 500.8103
- Transfer: shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest in property or with the possession of property or of fixing a lien upon property or upon an interest in property, absolutely or conditionally, voluntarily, by or without judicial proceedings. See Michigan Laws 500.8103
If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his or her control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under section 8142(1)(h).