M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1859-06-23
AprilG; 1852.
AN ACT

-
itors.
Section |. BE Il enacted by the General
Assembly Of The State Of Ohio, That when any
person shall make an assignment TO ,trus-
tee, Of any property, money, rights or credits
in trust for the benefit of creditors, it shall
be the duty of said trustee, within ten days
after the delivery Of the assignment to him.
and before diSposing of any property, so as
signed, TO appear before the probate Judge ol
the county in which the grautor resided at
the time Of executing the said assignment,
produce the original assignment, or copy
thereof, cause the same to be filed in the pro-
bate court, and enter into an undertaking in
such sum, with such sureties as shall be ap'
proved by the said Judge, conditioned for the
faithful performance by the said trustee ol
his duties according TO law.
Sec. 9. II any assignee as aforesaid shall
not, within ten days after his nomination 10
such trust, comply with the provisions the
fast section of this act, it shall be the duty
Of the probate Judge, on application of the
lssignor or any one or moie OF his creditors,
to remove the said assignee and appoint an
other in his stead, who shall thereupon i'm
mediately comply with the provisions Of the
foregoing section; lnl the probate judge shall
make and enforce all necessary orders to put
the said trustees so appointed, into posses
sion Of any property, money, rights or cred
its belonging to the assignOr at the time he
made said assignment.
Sec. 3. Every assignee within the pro-
visions Of this act shall, within thirty days
after entering upon the discharge Of such
trust, unless for good cause cause shown the
probate Judge shall allow a longer time, file
in the office of the probate Judge an inven-
tory verified under oath orthe property, mon
ey, rights and credits Of the said 0ssgnor
which shall have come TO his possession OF
knowledge; and the property and assets COM
prised in the inventory shall be appraised by
three suitable, disutercsted persons, who
shall be appointed by the probate Judge aud
sworn to a faithful discharge of heir trust,
and if any part Of such estate or effects be in
any other county, any disinieresled justice OF
such county may appoint the appraisers of
the estate and effects therein.
Sec. 4. Every assignee shall also, at the
same time when he files said inventory file a
schedule verified under oath of all debts and
liabilities Of The as;ignor, within his knowl-
edge, and shall cause notice to be given in
some newspaper of general circulation with
in the county, for three successive weeks OF
his appointment as assignee, and requiring
creditors to present their claims.
Sec. 5. The assignee shall proceed at
once to convert all the assets received by
him into money! and to s-ll the real and per-
sonal property assigned, either for CASH or
upon such olhef terms as the probate Judge in
his discretion may order, at public auction,
at such time and place as may be designated
in notice given by advertisement in soma
newspaper OF general circulation within the
county, for sixlsuccessive weeks, and oGwhich
sale due return shall be made TO the Judge,
but all sales of real estate shall be made at
not less than two-lhirds the appraised value
thereof, being subject to re-appraisemenl as
upon executions at law, and such sales shall
be set aside or confirmed as the probate judge
shall order, and il confirmed, deeds shall be
made to the purchasers, conveying the title
free from all liens on tie same for debts due
by the assignor.
Sec. 0. The assignee shall within six
months after his appointment, and sooner if
required by the probate judge, report what
claims, il any, against the as.jgnor have been
presented, not included in the schedule filed,
md what claim, if any, he is unwilling to al
Ow; and thereupOn, notices Of such disallow-
lnCe shall be served upon the claimants, as
in case OF summons in ciyl action, or by
as to nOn-resilents, as allow.
ID by the code Of civil procedure IN other ca
:es; and such claimants shall be required
within thirty days after such notice, to COM
nence an action against said assignee, in /
iome court Of competent jurisdiction within
he county, to enforce the claim, creditors
hall present their claims within six months
liter the publication OF the notice provided (
or in section four of this act, TO the assignee
or allowance and the assignee sha endorse
lis allowance or rejection thereon, and claim
mis- whose claims are rejected shall BE- re- /.
Iuired to bring suit against the assignee 20
nlorce such claims within thirty days after
he same shall have been rejected, in which
he recover, the judgment shall be against
he asSignor, that he allow the same in set
lement OF his trusts, with or without costs |
Is the court shall think right; provided, how
'Ver, that the sssignor may make any defence
o such action that the assignee might have
made TO suit Instituted against him before
The assignment for the same cause of action.
Sec. 7. The assignee shall also at the
same time, aud as often afterwards as may
DC required, report the sums collected by in
,luding those arising from sales, together
with the amount remaining uncol'ected, and
he amount thereof which in bis opinion may
be thereafter collected.
Sec s. If the assignee or creditor shall
lie in The probate court a written requisition
On the assignee to disallow any claim or
claims presented, which he has not reported
Is disalowed, and shall enter into an under
aking with surety or suieties to be approved
ly the probate Judge, conditioned to pay all
the costs and expenses Of contesting the same,
such claim or claims shall be ordered to be
lisallowed, ana the same proceedings shall
,e had as required in other cases Of disallow-
Ince BY the foregoing section.
Sec. 8. The probate court shall order the
oil all incumbrances and hens upon
my Of the property sold, or rights AMI cred
Is collected out Of tie proceeds thereof, ac-
.Urln3 10 priority.
Sec, 10. At the expiration ofe;gh. months
rom the appointment and quolifcat enk
he assignee. and sooner if il can be done
With regard to the rights and interests OF oil
,arties, and as often afterwards as may be
leemed proper BY the probate judge, diyi-
lend shall be declared payable out of the as
cts Of the assisnors. applicable to the pay