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. Sec. 5201. (1) All assignments commonly called common law assignments for the benefit of creditors are void unless the same are without preferences as between such creditors and are of […]
600.5205 Property conveyed; general powers of assignee. Sec. 5205. Such assignment shall be deemed to convey to the assignee all property of the assignor not exempt from execution, and all rights legal or equitable of said assignor. The assignee shall also be trustee of the estate of the debtor for the benefit of his creditors […]
600.5211 Specific powers of assignee. Sec. 5211. Among other things the assignee has the power to: (1) Sue in his own name as such assignee and recover all the estate, debts and things in action belonging to or due to such assignor in the manner and with like effect as he might or could have […]
600.5215 Appraisal of property; sale; notice. Sec. 5215. As soon as practicable after receiving said assignment, the assignees shall cause an appraisement of such property to be made by 2 disinterested competent persons under oath, and filed with the clerk of the court. Within 10 days after completion of the appraisal, the assignee shall apply […]
600.5221 Proof of claims; notice; filing; list of creditors. Sec. 5221. Within 10 days after receiving such trust, the assignee shall give notice to all creditors personally or by mail (accompanied by blank proof of claim) requiring them to prove their claims within 90 days thereafter by a proof of claim to be filed with […]
600.5225 Proof of claims; contents; verification. Sec. 5225. Each proof of claim must be sworn to and must state the actual amount unpaid and owing, the actual consideration thereof, when the same was contracted, when the same has become or will become due, whether any or what securities are held therefor, whether any and what […]
600.5231 Contest of claims; procedure, costs; filing fee. Sec. 5231. The assignee may contest any claim. Any creditor desirous of having a claim contested may by writing request the assignee to do so and the service of any such request shall operate to stay the payment of any dividend upon such claim until the further […]
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 […]
600.5241 Circuit courts; jurisdiction; supervisory powers; specific powers; examination; assignor and others; assignee; orders; circuit court commissioner. Sec. 5241. Circuit courts have original jurisdiction to hear and determine matters concerning assignments, commonly called common law assignments for the benefit of creditors, according to the following provisions. (1) The circuit court of the county where the […]
600.5245 Assignee; accounts; reports; completion of duties; extension of time; notice. Sec. 5245. The assignee shall keep a regular account of all money received by him, to which account every creditor or other interested person shall be at liberty at all reasonable times to have access. Within 3 months after receiving such trust, the assignee […]
600.5251 Payment of claims; order; method; time. Sec. 5251. (1) Funds available for distribution shall be applied to the payment of the following items and in the following order: (a) All taxes legally due and owing by the assignor to the United States, state, county or municipality; (b) The cost of administration; (c) All labor […]
600.5255 Compensation of assignee; application; notice to creditors. Sec. 5255. The assignee shall receive for his services, such compensation as may be allowed by the court. In the event of an estate being administered by more than 1 assignee or by successive assignees, the court shall apportion the compensation between them according to the services […]
600.5261 Civil action for enforcement of trust; grounds; appointment of receiver or assignee; summary examination; powers, duties, and compensation of receiver. Sec. 5261. In case there is any fraud in the matter of the assignment, or if the assignee fails to file it, or to qualify or to comply with any of the provisions of […]
600.5265 Nature of proceedings. Sec. 5265. Proceedings under this chapter, except the contest of claims under section 5231, are equitable in nature. History: 1961, Act 236, Eff. Jan. 1, 1963
