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Varnum Attorney Addresses Michigan Statute Disallowing Installment Payments for Corporations

March 19, 2013

A Macomb County Circuit judge held recently that a corporation cannot enjoy the protections of a Michigan statute allowing judgments to be paid in installments. The statute, however, does not apply to corporations, Judge John Foster held. John Allen, who focuses his practice on business law, is quoted in the Michigan Lawyers Weekly article about the ruling saying, "Businesses and people always move faster than the law and sometimes the law has to catch up." Though LLCs weren't legally recognized in Michigan when the statute was drafted "doesn't mean that [the law] doesn't apply to them," Allen also stated.

Click to read the article.

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