Set - Off of Mutual Debts and Credits - Mich. Comp. Laws Section 600.5235
Legal Research Home >
Michigan Laws > Revised Judicature Act Of 1961 > Set - Off of Mutual Debts and Credits - Mich. Comp. Laws Section 600.5235
600.5235 Set-off of mutual debts and credits.
Sec. 5235.
In all cases of mutual debts or mutual credits between the estate of an assignor and a creditor, the account shall be stated and 1 debt shall be set off against the other and the balance only shall be allowed or paid. A set-off or counter claim shall not be allowed in favor of any debtor of the assignor which is not provable against his estate, or which was purchased by or transferred to such debtor after the filing of the assignment or prior to the filing thereof with a view to such use and with knowledge or notice that such assignor was insolvent.
History: 1961, Act 236, Eff. Jan. 1, 1963
Section: 600.5201 600.5205 600.5211 600.5215 600.5221 600.5225 600.5231 600.5235 600.5241 600.5245 600.5251 600.5255 600.5261 600.5265 600.5301
Last modified: March 17, 2013
|
