The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1859-07-06

this is amendatory be and hereby is repealed. |
This act shall take effect and be in force from !
and after its passage.
WILLIAM B. WOODS,
Speaker of the House of Representatives.
MARTIN WELKER,
President of the Senate.
mo. gill AN ACT.
Regulating the Mode of Administering
Assignments in Trust for the Bene-
fit of Creditors.
Section 1. Be 1t enacted by the Gen.
eral Assembly Of the State Of Ohio, That
when any person shall make an assign
ment to a trustee, 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
assigned, to appear before the probate judge of
the county in which the grantor resided at the
time of executing said assignment, and produce
the original assignment, or copy thereof, cause
the same to be filed in the probate court, and en-
ter into an undertaking in such sum, with such
sureties as shall be approved by the said judge,
conditioned for the faithful performance by the
said trustee of his duties according to law.
Sec. 2. If any assignee as aforesaid shall
not within ten days after his nomination to such
trust, comply with the provisions of the first
ton OF this act, it shall be the duty of the pro-
bate judge, on application of the assignor or any
one or more of his creditors to remove the said
assignee and appoint another in his stead, who
shall thereuron Immediately comply with the
provisions of the foregoing section; and the pro-
hoNo ind chOn boo md oY,fn
orders to put the said trustee so appointed, into
possession of any property, money, rights, cred
its belonging to the assignor at the time he made
said ssignment.
Sec g. Every assignee within the provisions
of this act SHALL within thirty iays.after enter
ing upon the discharge of such trust, unless for
good cause shown the probate judge shall allow
o 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
| assignor which shall have come to his possession
or knowledge and the property and assets COM
prised in the inventory shall be appraised by
three suitable, disnterested persons, who shall
be appointed by the probate judge and sworn
to faithful discharge of their trust, and if any
| part of such estate or effects be in any other
| county, any disinterested justice of such county
may appoint the appraisers of the estate and
/ effects therein. p.
| 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 assignor, within his knowledge, and shall
cause notice to be given in some newspaper OF
general circulation within the county. for three
successive weeks of his appointn,e as assignet
and requiring creditors 10 present their claims
| Sec. 5. The assignee shall proceed at once tG
convert all the assets received by him into money
and to sell the real and personal property as
signed, either for cash, or upon such other 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 some newspaper of general circulation within
the county, for six successive weeks, and of which
sale due return shall be made to the judge, bu
all sales of real estate shall be made at no
less than two-thirds the appraised value there
of, being subject to re-appraisement upoI
executions at law, and such sales shall be Sc
aside or confirmed as the probate judge shall
ORDER and if confirmed, deeds shall be made t.
the purchasers, conveying the title free from al
liens on the same for debts due by the assignor
Sec. 6. The assignee shall within six months
after his appointment, and sooner if required
by the probate JUG ge, report what claims, II any
against the assignor have been presented, no
included in the schedule fled and what claim, i
any, he is unwilling to allow; and thereupon
notices OF such disallowance shall be served upoI
the claimants, as in case of q summons in civi
action, or by advertisement as to non-residents
as allowed by the code Of civil procedure in
other cases; and such claimants shall be requir
ed within thirty days after such notice, to com
mence an action against said assignee, in sems
court of competent jurisdiction within the
county, to enforce the claim, creditors shall
u present their claims within six months aftel
the publication of the notice provided for il
section four Of this act, to the assignee for al
, lowance, and the assignee shall endorse his
allowance or rejection thereon. and claimants
whose claims are rejected shall be required tc
bring suit against the assignee to enforce such
claims within thirty days after the same shall
have been rejected, in which if he recover, thu
judgment shall be against the assignOr, that h
allow the esame in settlement Of his trusts, will
or without costs as the court shall think right
provided however, that the assignor may maxi
any defence to such action that the assigned
might have made to a suit instituted agains
him before the assignment for the same caus
of action.
Sec. Z. The assignee shall also at the SAM
time and as often afterwards as may be requi
red report the sums collected by includin,
J these arising from sales, together with tn
amount remaining uncollected, and the amour
J thereof which in his opinion may be thereafte
collected.
Sec. 8. If the assignee or creditor shall fill
in the probate court a written requisition on tn
assignee to disallow any claim claims pre-
: sented, which he has not reported as disallowe'
and shall enter into undertaking with suret.
or sureties to be approved by the probate judge
conditioned to pay all the costs and expenses o
contesting the same, such claim or claims shall
, be ordered to be disallowed, and the same pro
ceedings shall be had as required in other case
of dsallowance by the foregoing section.
Sec. 9. The probate court shall order tn
payment of all membranes and liens upo
any of the property sold, or rights and credit
collected out of the proceeds thereof, aceordin
to priority.
Sec. 10. At the expiration of eight month
, from the appointment and qualification of tn
assignee and sooner if it can be done with re
gard to the rights and interests of all parties
: and as often afterwards as may be deemed prop
cr by the probate judge, dividend shall be de
clared payable out of the assets of the assignor
applicable to the payment of non-preferre
claims and balances of claims equally amongs
all the creditors entitled in proportion to tn
amounts of their respective claims thereon, in
cluding those disallowed as to which the claim
ant has begun proceedings to establish the sam
as required in the sixth section of this act; o
the making Of which dividend, and of the tim