Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1859-05-12
April G, 1859.
AN ACT

mo 2ti.l AN ACT
Regulating the mode of administering assignments
in trust for the benefit of creditors.
Section I. Be Il enacted by the General Assem-
bly, Of the State of Ohio, That when any person
shall max assignment to trustee, Of any prop
erty money rights or credits, In trust for the benS
oft of creditors it shall be tho duty Of said trus
teo within ten days of the delivery Of the assign
ment TO him, and before dlRposng Of any proper
ty so assigned, to appear before the probate Judge
Of the county in which the grantor resided at the
time of executing said assignment, produce the
original assignment or a copy thereof, cause The
same TO be filed in tho probate court and enter
into an undertaking in such sum, with such sure
ties as ahal be approved by the said judge condi-
| toned for the faithfu performance by tho said
trustee Of his duties according TO law.
Sec. 2. Ifany assigDee as aforesaid shall not,
within ten days after bis nomination 10 such trust
comply with the provisions of the first section Of
this act, il shall be tho duty Of the probate judge
ON application Of the assignor or any one OF more
Of his creditors, to remove the said assignee and
nppoint another in his stehd who shall theroupon
i'm Immediately comply with the provisions Of the
foregoing section; and the probate court shall
make end enforce all necessary orders 20 put the
said trustee so appointed, into possession Of any
property money, rights or credits belonging to the
assignor at tho time he maao said assignment.
Sec 3. Every asst gnea within the provisions
of this act shall within thirty days after entering
upon tho discharge Of such trust, unoss ioT good
oeuso shown the probate Judge shall allow longer
time Ale In the Office Of the probate judge an in
yenlory verified under oath of the property, mo-
uey, rights and credits Ct the said assgnor which
shall have come to his possession or lSnowlodgej
and the property and assets comprised in the in
ventory shall be appraised by three suitable, dis
Interested persons, who shah be appointed by the
7 probate Judge and sworn 10 faithful discharge
Of their trust and ifany part Of such estate or ei
L. ufrg III ntr. r.fara 4
Justice Of such county may appoint the appraisers
Of the estate and eneqts thertini
Sec A. Every assignee shall also, at the same
time whou he iles said inventory Gle a schedule
verified under oath Of all debts and liabilities Of
the assgnor, within his knowledge, and shall
cause notice TO be given in some newspaper Of
general circulation within toe county for three
successive weeks Of his appointmentas as assignee,
and requiring creditors topresont their claims.
Sec s. The assignee shall proceed at once TO
convert all thenss received by him into money,
and TO soil the real and personal property assign
cd. either for c9sh, or upon such other tsrms rs
tho probate judge in his discretion may order, Mt
public auction, at such time and place as may be
designated In notice given by advertisement in
some newspaper OF general circulation within the
county for six successive weeks, and Of which sale
duo return shall be made to the judge, but all
sale Of real estate shall be made at not less than
twosthirds the appraised Ta!ao thereof, boing sub
ieet TO re-apprai ement as upon executions Ut law,
and such sales shall be set aside or confirmed as
tho probate fudge shall order, and II confirmed,
doeis shnll be made to tho purchasers, conveying
the title free from all liens on the same for debts
due by the assignor.
See. g. The assignee Hhali within six months
after his appointment, and sooner II required by
tho probate judge, report what claims, II any,
against the assignee have been presented, not IN
eiuded In tho schedule Gled, and what claim, II
any, hs Is unwilling TO allow and thereupon no.
toos OF such disallOwanoe shall be served upon
the claimants, as In case Of aeummons in a civil
action, or by advertisement as to non residents,
as allowed by tho code Of ciyilprocsdure IN other
cases; aud such claimants shall bo required within
thirty days after spot notice, to commence an ao-
ton against tho assignee, In some court Of oompe-
tent jurisdiction within the county to enforce tho
claim creditors shall present their Qlaimg within
siS months after tho publication Of the notice pro
yided 70 n section four Of this act 20 the assignee
for allowance and the assignee shall ondorgn his
allowance or rejection thoreon, and olaimants
whose ciaims are rejected shall be required to
bring suit against the assignee 20 enforce such
claims within thirty days aiter the same shall
have been rejected, in which II he recover, the
Judgment shall 10 Tgainst the assigor, that no al
low the same in the settlement Of his trusts, With
or without costs Rs the court shall think right
provided, however, that the assiRnor may make
any defence 70 such aedon that tho assignee might
have made 70 a suit instituted egainst him before
the Assignment for de same cause ofaction.
time, and az often afterwards as may bo required
report the gums collected BY including those ari.
sing from sales, together with the amount remain
ing uneollesaed, and tho amount thereof which in
,, his opinion may be thereafter collected,
Sec s.. II lho assignee or creditor shall Gle IN
the prot, 10 court a wdtlen rsqdsltlon on the as.
siguee 10 dsallow pny elaim oe claims presented
which he has not reported a. disallowed, and shall
eater into an undertaking with surety or surete'
to DO approved by The probate Jndge, conditioned
90 pay all the costs and exponeeu Of contesilng th'
same such olalm or cl6imi shall be ordered 10 b,
dlsallowod, aud the same proceedings shall b.
had as requirodin othaf eases Of disallowance By
the iorogoing section, N.Atl
Soc. " The probate oougt shall ordoE the pay
ment Of all incumbranoes and liens upon any o
Tho property sold, or rights and credits colleotet
out Of the proceeds thereof according 10 Psiority
Sec. 10. AZ the expiration Of eight monih
: from the appointment aud qualification of lhs n
-Ft II