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8 chapters · 157 sections in this title.
Mich. Comp. Laws § 449.151 Copartnerships; settlements with creditors; discharge of partner not party.
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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 or all of the creditors of…
Mich. Comp. Laws § 449.152 Settlements with creditors; written discharge by creditors, bar to recovery.
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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 every individual liability …
Mich. Comp. Laws § 449.153 Settlements with creditors; rights against undischarged partners not impaired; right to set off and defense.
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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 impair the right of the creditors to proceed in law or in eq…
Mich. Comp. Laws § 449.154 Settlements with creditors; contribution between partners.
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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 ra…