Sec. 2. (1) A debtor is insolvent if, at a fair valuation, the sum of the debtor's debts is greater than the sum of the debtor's assets. (2) A debtor that is generally not paying the debtor's debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence. (3) As used in this section: (a) Assets do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this act. (b) Debts do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
Mich. Comp. Laws § 566.32
Insolvency
Applied in 4 court decisions — leading case Richardson v. Checker Acquisition Corp. (In re Checker Motors Corp.) (2013)
Most recently applied in Richardson v. Checker Acquisition Corp. (In re Checker Motors Corp.) (June 2013)
1998, Act 434, Imd
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.