Michigan Laws 450.2554 – Commencement of action under MCL 450.2551 or 450.2552
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 450.2554
- 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.
An action against a director, shareholder, or member for recovery upon a liability imposed by section 551 shall be commenced within 3 years after the cause of action accrues. An action under section 552 shall be commenced within 3 years after payment by the director to the corporation.