MI SB0982

Renames the Uniform Fraudulent Transfer Act to the Uniform Voidable Transactions Act and updates definitions and procedures for identifying transfers and obligations that may be voided by creditors.

Establishes that transfers or obligations are voidable if made with actual intent to defraud creditors or without reasonably equivalent value when the debtor was insolvent or became insolvent as a result.

Specifies that creditors must prove elements of their claims by preponderance of evidence and allows recovery of judgments against first transferees or subsequent transferees who did not act in good faith.

Provides exceptions protecting good-faith transferees who gave reasonably equivalent value, security interest enforcement under the Uniform Commercial Code, and certain ordinary course transactions.

Applies the amended act to transfers made or obligations incurred 90 days after enactment, with no application to prior transfers or rights of action that accrued before the effective date.