An insolvent debtor, as defined by the statutes of fraudulent conveyance, may, in good faith, execute an assignment of property to one or more assignees, in trust towards the satisfaction of his creditors, in conformity to the provisions of this chapter, subject, however, to the provisions of the statutes relative to trusts and to fraudulent transfers, and to the restrictions imposed by law upon assignments by special partnerships, by corporations or by other specified classes of persons.

Source: CivC 1877, § 2027; CL 1887, § 4660; RCivC 1903, § 2372; RC 1919, § 2045; SDC 1939 & Supp 1960, § 37.5101.