https://github.com/ASP-NET-MVC/aspnetwebstack/blob/master/src/System.Web.Mvc/DefaultModelBinder.cs#L251

binding.cs

foreach (ModelError error in modelState.Errors.Where(err => String.IsNullOrEmpty(err.ErrorMessage) && err.Exception != null).ToList())
{
    for (Exception exception = error.Exception; exception != null; exception = exception.InnerException)
    {
        // We only consider "known" type of exception and do not make too aggressive changes here
        if (exception is FormatException || exception is OverflowException)
        {
            string displayName = propertyMetadata.GetDisplayName();
            string errorMessageTemplate = GetValueInvalidResource(controllerContext);
            string errorMessage = String.Format(CultureInfo.CurrentCulture, errorMessageTemplate, modelState.Value.AttemptedValue, displayName);
            modelState.Errors.Remove(error);
            modelState.Errors.Add(errorMessage);
            break;
        }
    }
}