An assignment for the benefit of creditors may provide for any subsisting liability of the assignor which he might lawfully pay, whether absolute or contingent.

Source: CivC 1877, § 2029; CL 1887, § 4662; RCivC 1903, § 2374; RC 1919, § 2047; SDC 1939 & Supp 1960, § 37.5102.