Courts. much of the realty as will supply the deficiency; and the proceeds of such sale shall be distributed in the same order as other assets. The real estate is not however to be sold, until the personalty has been exhausted. The Court of Probate, upon the application of any party in interest, may coerce the executor or administrator to make immediate application to the Circuit Court for the sale of such real estate. All executors or administrators shall exhibit their accounts for settlement to the Court of Probate from which their letters were obtained, at the first term of such court after the expiration of one year from the date of the letters; and in like manner every twelve months thereafter, until such administration is completed. (a) 11. Courts. A judge of the Supreme Court holds a Circuit Court in each county of the state, in the spring and fall, which is invested with general original jurisdiction in civil causes. (a) R. S. 535 to 565. MICHIGAN. 1. BILLS OF EXCHANGE AND PROMISSORY NOTES. 2. INTEREST. 3. EFFECT OF MARRIAGE UPON THE RIGHTS OF PROPERTY. 8. INSOLVENT LAW. 9. PROCEEDINGS IN CIVIL SUITS. 10. ADMINISTRATION OF ESTATES OF DECEASED PERSONS. 1. Bills of Exchange and Promissory Notes. Notes in writing for the payment of a sum of money to any person or bearer, are negotiable as inland bills of exchange according to the custom of merchants, and the payees and indorsees of every such note, or any holder where the same is payable to bearer, may maintain actions thereon in like manner as upon inland bills of exchange. Days of grace are not allowed upon any bill of exchange, note, or draft payable on demand, but are allowed upon all bills of exchange payable at sight or at a future day certain within the state, and on all negotiable promissory notes, and drafts payable at a future day certain within the state, wherein there is no express stipulation to the contrary. The damages upon bills of exchange drawn or indorsed within the limits of the state and payable without the United States, which have been protested for non-acceptance or non-payment, and due notice given of the same, consist of the current rate of exchange at the time of the demand, with five per cent. damages upon the con (a) R. S. of 1846, 157. Bills of Exchange and Promissory Notes. tents of the bill, with interest upon the same from the date of the protest. Upon bills of exchange drawn or indorsed within the state, but payable at any place within the states of Wisconsin, Indiana, Illinois, Pennsylvania, Ohio, or New-York, which have been duly protested for non-acceptance or non-payment, besides interest and costs, three per cent. damages upon the contents of the bill if payable within either of the states of Missouri, Kentucky, Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New Jersey, Delaware, Maryland, Virginia, or the District of Columbia, five per cent.: if payable at any other place within the United States, ten per cent. No person can be charged as the acceptor of a bill of exchange, unless his acceptance be in writing, signed by himself or his lawful agent. The holder of a bill of exchange or promissory note, instead of bringing several actions against the drawers, makers, indorsers, or acceptors, may include them in one action, and proceed to judgment as though they were joint contractors. (b) Notaries public are authorized to demand payment of foreign and inland bills of exchange and promissory notes, and protest the same for non-acceptance or non-payment, and the certificate of the notary, under his hand and seal, shall be presumptive evidence of such facts, unless the defendant annex an affidavit to his plea, denying having received such notice. (c) Bonds, choses in action, &c.-Some of the most important. distinctions at common law, between sealed and unsealed instruments, have been abolished by statute. Thus, a seal affords only presumptive evidence of a consideration, which may be rebutted to the same extent and in the same manner as if the instrument was not under seal. (d) Neither a seal nor scroll is essential to the validity of any bond, deed of conveyance, or other contract in writing signed by a party or his agent. Wherever an action of covenant or debt may be brought upon an instrument under seal, or a judgment, there an action of assumpsit may be maintained in the same manner in all respects, as upon contracts without seal. (e) (a) R. S. 156. (b) Ib. 440. (c) Ib. 79. (d) Ib. 460. (e) Ib. 487. Interest-Effect of Marriage upon the Rights of Property. The assignees of bonds or other choses in action, may prosecute the same in their own names, subject to any equity which may have existed between the original parties previous to the notice of the assignment. (a) 2. Interest. Parties to a contract may stipulate in writing for the payment of any rate of interest not exceeding ten per cent. Upon contracts which do not fix the amount of interest, and upon judg ments at law, or decrees in Chancery, seven per cent. is the legal rate. Where more than the legal rate of interest is reserved, the contract is only void for the excess. Upon all actions brought upon any bills of exchange or promissory notes, payable in money, and to order or bearer, originally given upon an usurious consideration, the indorsee or holder for a valuable consideration before the maturity of the note, and without notice of the usury, may recover to the same extent as if no usury was alleged or proved. (b) 3. Effect of Marriage upon the Rights of Property. Any real or personal estate acquired by a feme sole before marriage, or to which after marriage she may become entitled by inheritance, gift, grant, or devise, and the rents, profits, and income of such real estate, shall be and continue her own to the same extent after her marriage as before, liable for her own debts contracted before marriage, but free from liability for the debts or engagements of her husband. The wife is not, however, authorized to dispose of any such personal or real estate during coverture without the consent of her husband, except by the order of the judge of probate, or the proper court of the county; nor is the husband barred of his title by the courtesy, if his wife dies without disposing of her realty. (c) (a) R. S. 379, 439. (b) Ib. 160. (c) Ib. 340. Frauds. Limited Partnerships.-Limitation of Actions. 4. Frauds. The general provisions of the English statutes against fraudulent conveyances, and also to prevent frauds and perjuries, have been adopted in England. It is not necessary, however, that the consideration of any promise, contract, or agreement which is required to be in writing, should be expressed on the face thereof; but it may be proved by any other legal evidence. No action can be brought to charge any person by reason of any representation or assurance as to the ability, credit, character, or trade of another, except the same be in writing. No mortgage of goods and chattels, nor conveyance of the same by way of mortgage, which is not followed by delivery and continued change of possession, will be valid against the creditors of the mortgagor, unless the same is filed in the proper office. Nor will any sale of goods and chattels be valid against the creditors of either vendor or vendee, unless followed by a change of possession, or unless the persons claiming under the same, can show that it was made in good faith and without any intention of defrauding creditors or purchasers. (a) 5. Limited Partnerships. The laws of Michigan allow the formation of limited partnerships upon conditions, and under restrictions, substantially the same as those already enumerated in the chapter on Maine. (b) 6. Limitation of Actions. All actions of debt, founded upon any contract or liability not under seal, except such as are brought upon the judgment or decree of any court of record of the United States, or one of the states thereof, all actions of assumpsit or upon the case founded on contract, and all actions of replevin and trover, must be brought within six years from the time the cause of action accrues. This limitation does not apply to actions brought upon (a) R. S. 325 to 329. |