449.151 Copartnerships; settlements with creditors; discharge of partner not party. Sec. 1. That whenever any firm or copartnership shall be dissolved by mutual consent or otherwise it shall and may be lawful for any 1 or more of the individuals composing such firm or copartnership to make a separate settlement or compromise with any 1 […]
449.152 Settlements with creditors; written discharge by creditors, bar to recovery. Sec. 2. Every such debtor or debtors making such settlement or compromise shall take from the creditor or creditors or their attorney with whom he may make the same a receipt or memorandum in writing exonerating and discharging him or them from all and […]
449.153 Settlements with creditors; rights against undischarged partners not impaired; right to set off and defense. Sec. 3. Such settlement or compromise with the individual member of a firm or copartnership shall not be so construed as to discharge the other copartners except as provided in the first section of this act nor shall it […]
449.154 Settlements with creditors; contribution between partners. Sec. 4. Such settlement or compromise of 1 or more members of such firm or copartnership with a creditor of such firm or copartnership shall in no wise affect the right of the other partners to demand and recover from their copartners making such settlement or compromise their […]
449.155 Extension of act to joint debtors. Sec. 5. The provisions of this act shall extend to joint debtors in the same manner as it now extends to copartners and such joint debtors are hereby authorized individually to settle or compromise and be discharged from their joint indebtedness in the same manner as is herein […]
