Michigan Compiled Laws 236-1961-52 Chapter 52 Assignments For The Benefit Of Creditors (600.5201...600.5265)

• Section 600.5201 Common Law Assignments For The Benefit Of Creditors; Requirements For Validity; Bond Of Assignee; Filing; Approval; Attachment Or Execution On Assigned Property; Acknowledgment; Inventory.
  (1) All assignments commonly called common law assignments for the benefit of creditors are void unless the same are without preferences as between such...
• Section 600.5205 Property Conveyed; General Powers Of Assignee.
  Such assignment shall be deemed to convey to the assignee all property of the assignor not exempt from execution, and all rights legal or...
• Section 600.5211 Specific Powers Of Assignee.
  Among other things the assignee has the power to: (1) Sue in his own name as such assignee and recover all the estate, debts...
• Section 600.5215 Appraisal Of Property; Sale; Notice.
  As soon as practicable after receiving said assignment, the assignees shall cause an appraisement of such property to be made by 2 disinterested competent...
• Section 600.5221 Proof Of Claims; Notice; Filing; List Of Creditors.
  Within 10 days after receiving such trust, the assignee shall give notice to all creditors personally or by mail (accompanied by blank proof of...
• Section 600.5225 Proof Of Claims; Contents; Verification.
  Each proof of claim must be sworn to and must state the actual amount unpaid and owing, the actual consideration thereof, when the same...
• Section 600.5231 Contest Of Claims; Procedure, Costs; Filing Fee.
  The assignee may contest any claim. Any creditor desirous of having a claim contested may by writing request the assignee to do so and...
• Section 600.5235 Set-off Of Mutual Debts And Credits.
  In all cases of mutual debts or mutual credits between the estate of an assignor and a creditor, the account shall be stated and...
• Section 600.5241 Circuit Courts; Jurisdiction; Supervisory Powers; Specific Powers; Examination; Assignor And Others; Assignee; Orders; Circuit Court Commissioner.
  Circuit courts have original jurisdiction to hear and determine matters concerning assignments, commonly called common law assignments for the benefit of creditors, according to...
• Section 600.5245 Assignee; Accounts; Reports; Completion Of Duties; Extension Of Time; Notice.
  The assignee shall keep a regular account of all money received by him, to which account every creditor or other interested person shall be...
• Section 600.5251 Payment Of Claims; Order; Method; Time.
  (1) Funds available for distribution shall be applied to the payment of the following items and in the following order: (a) All taxes legally...
• Section 600.5255 Compensation Of Assignee; Application; Notice To Creditors.
  The assignee shall receive for his services, such compensation as may be allowed by the court. In the event of an estate being administered...
• Section 600.5261 Civil Action For Enforcement Of Trust; Grounds; Appointment Of Receiver Or Assignee; Summary Examination; Powers, Duties, And Compensation Of Receiver.
  In case there is any fraud in the matter of the assignment, or if the assignee fails to file it, or to qualify or...
• Section 600.5265 Nature Of Proceedings.
  Proceedings under this chapter, except the contest of claims under section 5231, are equitable in nature. History: 1961, Act 236, Eff. Jan. 1, 1963

Last modified: October 10, 2016