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 and may recover all property or rights or equities in property which might be recovered by any creditor. When more than 1 assignee is appointed, the debts and property of the assignor may be collected and received by 1 of them and when there are more than 2 assignees, every power and authority of the whole may be exercised by any 2 of them. The survivor or survivors of any assignees shall have all their powers and rights and all property in the hands of any assignee at the time of his death, removal or incapacity, shall be delivered to the remaining assignee or assignees if there be any, or to the successor of the one so dying, removed or incapacitated, who may demand and sue for the same.
History: 1961, Act 236, Eff. Jan. 1, 1963
Structure Michigan Compiled Laws
Chapter 600 - Revised Judicature Act of 1961
Act 236 of 1961 - Revised Judicature Act of 1961 (600.101 - 600.9948)
236-1961-52 - Chapter 52 Assignments for the Benefit of Creditors (600.5201...600.5265)
Section 600.5205 - Property Conveyed; General Powers of Assignee.
Section 600.5211 - Specific Powers of Assignee.
Section 600.5215 - Appraisal of Property; Sale; Notice.
Section 600.5221 - Proof of Claims; Notice; Filing; List of Creditors.
Section 600.5225 - Proof of Claims; Contents; Verification.
Section 600.5231 - Contest of Claims; Procedure, Costs; Filing Fee.
Section 600.5235 - Set-Off of Mutual Debts and Credits.
Section 600.5245 - Assignee; Accounts; Reports; Completion of Duties; Extension of Time; Notice.
Section 600.5251 - Payment of Claims; Order; Method; Time.
Section 600.5255 - Compensation of Assignee; Application; Notice to Creditors.