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.
Mich. Comp. Laws § 450.1554
Action against director or shareholder; limitation
Applied in 5 court decisions — leading case Laborers' Pension Trust Fund v. Sidney Weinberger Homes, Inc. (1988)
Most recently applied in Wise v. Verizon Communications Inc. (April 2010)
1972, Act 284, Eff
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.