Section 566.37 - Action for relief against transfer or obligation; right of creditor to execution on asset or proceeds. - Michigan Statutes

UNIFORM FRAUDULENT TRANSFER ACT (EXCERPT)
Act 434 of 1998

566.37 Action for relief against transfer or obligation; right of creditor to execution on asset or proceeds.

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) An attachment against the asset transferred or other property of the transferee to the extent authorized under section 4001 of the revised judicature act of 1961, 1961 PA 236, MCL 600.4001, and applicable court rules.

(c) Subject to applicable principles of equity and in accordance with applicable court rules and statutes, 1 or more of the following:

(i) An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property.

(ii) Appointment of a receiver to take charge of the asset transferred or of other property of the transferee.

(iii) Any other relief the court determines appropriate.

(2) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.

History: 1998, Act 434, Imd. Eff. Dec. 30, 1998