Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1859-08-03
Pill AN ACT


Regulating the Mode of Administering 4 ssign-
ment in Trust for the Benefit Of Creditors.
Section ! BE u enacledBgske GelsTaI dssea,-
Uyof the Slate of Ohio, That when any person
shall make an assignment to trustee. OF any
properly. money. rights or credits, IN trust for
the benefit of creditors, il shall be the duty OF
said trustee, within ten days after The delivery
of the assignment 20 him, ahd before Opposing
of any prOperiy, 80 assigned. 10 appear before
the problte Judge of the cuJsItv ia which The
grumtor resided al the time Of executing the sl.d
assignment. produced the original assignment.
or Il copy thereof. cause the same to be- fled in
the probate court. ald enter into an undertaking
in such sum. with such surcties rs shall be APP
proved by the said Judge. conditioned for ;he
faithful performance by the said trustee OF his
duties according TO law.
Sec. =. If any assignee as Ffo-es;Iid slall
not, within ten davs after his nomination TO
such trust comply with the provisions of the
first sec'iOn Of this act, it shall be the duty Of
the probate Judge. application Of the aSsignor
or any one or more OF his creditors, To remove
The said assignee and appoint another in hi,
stead. WIN snail thereupun Immediately comply
with the provisions of the foregoing section; and
the probate Judge shall make and enforce all
necessary orders To put the said trustee 50 ap-
pointed. int POSSESSION of any property, money.
Tl1ul~, Ut ftfN!l- iN1bt1lsig 10 d,Sl0ItDE III
the time he made sad assignment.
See. 3. Every assignee within the provisions
of thi act shall. within thiIty days after enter
ing upon the discharge of such trust, unless for
good cause shown the probate judge shall alloE
a longer time. file in the office of the probate
Judge an inventory verified under oath of the
property, money, rights and credits of the said
as gnur which shall have come 10 his posses
slun or snowledge; and the pro erty and assets
comprised III the inventory shall be appraised
BY ilrce suitable. disinterested persons, Vho
shall be appointed by the probate Judge and
sworn TO ialihfGl discharge of ihelr trust, and
if any part of such estate or effects be in any
other county, anv disinterested Justice of such
county may appoint the appraisers of the estate
and effects therein.
Sgc 4. Every assignee shall also at the same
time when he files said inventory file said sched
ule verified under oath of all debts and liabil-
iiies of the a>>iynor within his knowledge, and
shall cause notice 20 be given in some newspa-
per of general circulation within the county. for
three successive weeks Of his appointment as
assignee, and requiring creditors 10 present their
Claims.
Scc. 5. The assignee shall proceed at once
to convert all the assets received bv him into
money. aud to sell the real and personal proper
ty assigned. either for cash. or upon such other
terms the probate judge in his discretion may
order. at public auction, at such time and place
as may be designated IN notice given by adver-
tisement in some newspaper of general circula-
ton within the county, for six Successive weeks.
and of which sale due reiuin shall be made To
the i1bge, but all sales of real estate shall be
made at not less than twO-thrds the appraised
value thereof. being subject to re-apprai>ement
as upon executions at law, and such sales shall
he sci aside or confirmed rs the probate Judge
shall order, and if confirmed, deeds shall be
made TO the purchasers, conveying the title free
from ali lines the SINE for debts due by the
assign0r.
See. 6. The assignee shall within six months
after his appointment. and sooner il required by
the probate Judge, report what claims il any,
against the ;lssignor have been presented. not
included in the schedule filed, and what claim.
if any. he iS unwilling To allow: and thereupOn,
notices of such disailowance shall he served up
on the claimants, a. in case of a summons in a
civil action. or bv advertisement as 10 non re-
sdents. rs allowed by tbs code of civil proce-
dure IN other cases: and such claimants shall be
required within thirty days after srch notice
to commence an action against sad assignee in
some court of competent jurisdiction within the
county. to enforce the claim, creditors shall pre-
sent their claims within SIX months after the
publication of the notice provided f,r in section
inur of this act. Ia the assignee for allowance
and the assignee shall endorse his allowance or
rejection thereon, and claimants whose claims
are rejected shall be required Ia bring suit against
the assignee to eat,,rce SUch claims within thirty
DAYS aiier the same hare been rejected, in which
il he recover the judgement shall be against the
aS>ignor. that he allow the same in settlement of
his trusts with ar without costs as the court shall
think right; provided. however. that ihe a~signOr
may riakc any defence 10 such action that The