MI HB5504

Amends Michigan's Uniform Fraudulent Transfer Act (1998 PA 434) to add definitions and modify provisions related to qualified dispositions in trust.

Expands the definition of "transfer" to exclude dispositions of assets held in irrevocable grantor trusts when the trustee exercises discretionary authority to reimburse the grantor for taxes on trust income.

Establishes that qualified dispositions are fraudulent only if made with actual intent to hinder, delay, or defraud creditors, regardless of whether the creditor's claim arose before or after the disposition.

Sets statute of limitations for actions regarding qualified dispositions according to the Qualified Dispositions in Trust Act, rather than the standard fraudulent transfer timelines.

Effective March 8, 2017, conditional on Senate Bill 597 of the 98th Legislature being enacted into law.