{"data":{"id":"us-mi/mich.-comp.-laws-445.1593","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.1593","heading":"Post closing solvency covenant; prohibited use.","body":"Sec. 3.\n\n(1) A post closing solvency covenant shall not be used, directly or indirectly, as a nonrecourse carveout or as the basis for any claim or action against a borrower or any guarantor or other surety on a nonrecourse loan.\n\n(2) A provision in the documents for a nonrecourse loan that does not comply with subsection (1) is invalid and unenforceable.","path":["MI Code","Chapter 445","Act Act-67-of-2012"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-1593","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"93bf0b1bbad00a92ab3ec3a14f8bc0dfb221585a60dae5ba341946dbe563babe","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.1592","next":"us-mi/mich.-comp.-laws-445.1594"},"notice":"GroundRules: Original legal text. Not legal advice."}