Michigan Compiled Laws Act 181 Of 1859 Partners And Joint Debtors; Settlements Or Compromises With Creditors (449.151 - 449.155)

AN ACT to provide for settlement and compromises by partners and joint debtors with their creditor or creditors.

History: 1859, Act 181, Eff. May 18, 1859

Section 449.151 Copartnerships; Settlements With Creditors; Discharge Of Partner Not Party.
That whenever any firm or copartnership shall be dissolved by mutual consent or otherwise it shall and may be lawful for any 1 or...
Section 449.152 Settlements With Creditors; Written Discharge By Creditors, Bar To Recovery.
Every such debtor or debtors making such settlement or compromise shall take from the creditor or creditors or their attorney with whom he may...
Section 449.153 Settlements With Creditors; Rights Against Undischarged Partners Not Impaired; Right To Set Off And Defense.
Such settlement or compromise with the individual member of a firm or copartnership shall not be so construed as to discharge the other copartners...
Section 449.154 Settlements With Creditors; Contribution Between Partners.
Such settlement or compromise of 1 or more members of such firm or copartnership with a creditor of such firm or copartnership shall in...
Section 449.155 Extension Of Act To Joint Debtors.
The provisions of this act shall extend to joint debtors in the same manner as it now extends to copartners and such joint debtors...

Last modified: October 10, 2016