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Code · Michigan · Chapter 450 — Corporations

450.1554 Action against director or shareholder; limitation.

64 words·~1 min read·/mi/chapter-450/450-1554

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450.1554 Action against director or shareholder; limitation.
Sec. 554.
An action against a director or shareholder 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.
History: 1972, Act 284, Eff. Jan. 1, 1973
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