Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-09-07


ProceodiHrs tarh creditors. The creditors,
either individually, or 10 the case Of corpora
tons, arc 10 prove their debts, by an officer
appointed for the purpose, on oath or athrma-
ton, before the Court. OF before a commls-
sioncr appointed by the court, which proof ~
open to condensation.
All creditors are entitled TO share pro rata,
withou, any preference, with the exception of
the United States, and of persons who by the
laws OF the United States, have a preference
rs sureties who have paid money, and laborers
for work within the preceding SIX months who
may be entitled to wages not exceeding twen-
ty-five dollars.
All creditors whose debts are due al n iu-
ture day. may share according TO the present
value thereof, OF who hold uncertain and con
tlngont demands, as holders of policies, sure
ties, endorsers, &c. may prove the claims, and
when the same become absolute, they shall be
allowed. All legal proceedings commenced,
or judgments unsatlsTcd, shall be deemed as
surrendered. In cases of mutual debts or mu-
tual credits, the balance shall be considered
the debt or claim. A creditor who does not
prove his debt until after a dividend is made,
shall be entitled TO the same amount pro rata,
from future dividends, as the other creditors
have received, before the latter shall be entI-
tied TO any further share.
DufV of .~lssigHees. They are to give Il bond
in such sum rs the Court may require: sell and
convey property at such times as the Court
shall direct; pay all moneys within sixty days
into Couft, subject to its order.
The Court are TO require of them a collec-
ton of the assets and their reduction to money
as speedily as may be consistent with a due
regard for the interests of creditors, and 10
make a dividend ofa much thereof as may be
consistent with the rights of persons holding
adverse claims, after having given ten days
notice Of such dividend in some newspaper
The assignccs have full authority to discharge
all liens and membranes upon any property,
under the order Of the proper Court, and to
compound all debts and claims after giving
ten DAYS public notice IN some newspaper to
all creditors to appear and show cause against
il, if any they have.
No suit can be maintained by or against any
assignee or person holding an adverse interest
touching the bankrupt's property, after two
years from the decree Of bankruptcy or cause
of suit shall have accrued.
Regulations IN regard TO Partnerships. Upor
the petition Of one or more insolvcnt partners
or of any creditor of the partners, Gn cases o
involuntary bankruptcy an order shall bt
made by the Court, placing all the Joint prop
erty of the company and the separate estat,
OF each of the partner, excepting such as i
aforementioned in the hands of assignees, wh'
shall keep separate accounts of the Joint am
separate estates, and the nett proceeds of tn
joint estate are to be appropriated to pay thu
creditors of the company, and the proceeds q
the separate estate ofeach partner are to b
appropriated to pay his separate creditors
The balance of the separate estate of an
partner, after paying his separate debts, shaI
= be divided among the separate estates Of tn
several partners according to their respectiv
rights therein, and as it would have been if tn
partnership had been dissolved without bank
ruptcy. The sum so appropriated is to be az
piled TO the payment Of the separate debts {
that partner, as it would be if the proceeding
were against him alone.
) The rights Of married women, and minor
and any liens or other securities on propert
} which are not inconsistent with the Act, n
. main valid as under the laws Of the States n
spoctiveIy.
This act takes effect from and after the fir
: day ofFebruary next.