Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-09-14


Sec. s. Ind bet further enacted,
That the circuit court within and for
the district where the decree of bank
ruptcy is passed, shall have concur
rent jurisdiction with the district court
OF the same district, ofall suits of law
and in equity which may and shall be
brought by any assignee of the bank
rnpt against any person or persons
claiming an adverse interest, or by
such person against such assignee,
touching any property or rights of pro-
perry ofsaid bankrupt transferable to;
or vested in, such assignee, and no
suit at lawor q equity shallin any case,
be maintainable by or against such as
signee, or by or against any person,
claiming an adverse interest, touch
ing the property and rights of proper
ty aforesaid, in any court whatsoever,
unless the same shall be brought with
in two years after the declaration and
decree Of bankruptcy, or after the
1
cause ofsuit shalt first have accrued.
Sec. 8. lind be II further enacted,
That all sales, transfers, and other
conveyances Of the assignee, of the
bankrupt's property, shall be made at
such times and in such manners as
shall be ordered and appointed by the
court in bankruptcy;and all assets re-
ceived by the assignee in money, shall
within sixty days afterwards be paid
into the court, subject to Its order re-
specting its future safe keeping
and disposition; and the court may re-
quire ofsuch assignee bond, with al
least two sureties, in such sums as j
may deem proper, conditioned for The
due and faithful discharge of all hi,
duties, and his accomplish with the
orders and directions of the court, (which
bond shall be taken in the name of the
+ United States, and shall, if there b.
any breach thereof, be sued and suea
, bic, under the order of such court, 70
the benefit ofthe creditors and othe
persons in interest.
Sec. 10. Ind be Il further enacted
That i'll order to ensured speedy set
! element aud close Of the proceeding
in each case in bankruptcy, it shall b
d, the duty Of the court to order and d
rect the collection of the assets and
q reduction ofthe satne to money, and
distribution thereof at as early period
;. as practicable consistently with du
! regard to tie interests of the creditor:
i and a dividend and distribution
4 such assets as shall be collected an
! reducedto money, and so much there
! Of as can be s,feIy so disposed of COZ
:, sistently with the rights and interests
=, third persons having adverse CLAIM
10 thereto, shall be made among tn
- creditors who have proved their deb
nc as often as once in six months fro
/ the time Of the decree declaring IL
n bankruptcy; notice Of such dividend
H and distribution to be given in son
ar newspaper or newspapers in the di
trict designated by the court, ten da,
at least before the order therefor
= passed; and the tendency of any ST
VI at law rim equity, by or against su,
us third persons shall not postpone SUI
II division and distribution except
sc far as the assets may be necessary
nc satisfy the same; and all the procee
Is ings in bankruptcy in each case, sh;
10 ifpractible, be finally adjusted, settl
lis and brought to close, by COZ
gu within two yesrs after the decree d
re Caring the bankruptcy. And whe
M any creditor shall not have proved |
re- debt until dividend or distribute
IRE shall have been made and declared,
Is shall be entitled 10 be paid the san
AFT amount, pro rata, out of the RENAL
hS ing dividends or distributions there;
ed ter made, as the other creditors ha
zee already received, before the latter sh
ld' be entitled to any portion thereof.
he Sec. IL. Ind BE ttfurther eaacte
lot That the assignee shall have fill a
yes thority, by and under the order al
en- direction Of the proper court in ban
nm ruptcy, TO redeem and discharge al
CT mortgage or other pledge or deposit
ID or lien upon any property, real or pc
en- sonal, whether payable in presently
n at future day aud TO tender dl
or performance Of the condition thereo
oil And such assignee shall also have a
Is thority, by aud under the order al
er direction of the proper court in ban
Fe rnptcy, to compound any debts or OF
er err cI4ims or securities due or belon
e in to to the estate Of the bankrupt, bl
s. no such order or direction shall
re made until notice of the application
le given in SOME public newspaper in Il
N district designated by the court ten da
es at least before the hearing, SO that {
z creditors and other persons in intere
ne may appear and show cause, if al
+ they have at the hearing, why the ord
It's or direction should not be passed.
TO Sec. II. Ind be u further enacte
lg That if any person who shall havebet
in discharged under this act shall afte
I'D wards become bankrupt, he shall n