566.40 Debtor's and qualified trustee's location; jurisdiction.

282 words·~1 min read·/mi/chapter-566/566-40

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Sec. 10.

(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.

History: 1998, Act 434 , Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552 , Eff. Apr. 10, 2017 ;-- Am. 2022, Act 145 , Imd. Eff. July 19, 2022