Michigan Laws 566.40 – Debtor’s and qualified trustee’s location; jurisdiction
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Terms Used In Michigan Laws 566.40
- claim for relief: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. See Michigan Laws 566.31
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- Organization: means a person other than an individual. See Michigan Laws 566.31
- Qualified 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
- Qualified trustee: 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
- 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
- Trustee: A person or institution holding and administering property in trust.
(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 located at its place of business.
(c) A debtor that is an organization and has more than 1 place of business is located at its chief executive office.
(2) In this section, the following rules determine a qualified trustee‘s location:
(a) A qualified trustee who is an individual is located at the individual’s principal residence.
(b) A qualified trustee whose activities are subject to supervision by the department of insurance and financial services, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, or the Office of Thrift Supervision is located at the business location of the primary trust officer.
(3) Except as provided in subsection (4), a claim for relief in the nature of a claim for relief under this act is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred.
(4) With respect to a qualified disposition, a claim for relief under this act or a claim that a disposition is not a qualified disposition is governed by the local law of the jurisdiction in which the qualified trustee serving at the time the disposition was made was located.