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

time and as often afterwards rs may be required
report the sums collected by including tho>
arising from sales, tpgether with the amOun
remaining uncollected, and the amount thereo
which in his opinion may be thereafter collec
ted
Sec. 6. If the assignee or creditor shall f.,
IN the probate coart written requIsitiOa OF
the assignee to disIllow any clam claim
presented which he has not reported rs dIsal
lowed, and shall enter into an undertaking witt
surety or sureties to be approved by the probate
Judge. conditioned 10 pay all the costs aud ex
penseS of conte ting the same, such claim o
claims shall be ordered 10 be disallowed, anS
the same proceedings shall be had as require'
ia other eases OF disallowance by the foregoing
section.
Sec. 9. The probate court shall order TIA,
payment of all ineumberances ard lines upor
any of the property sold, or rights and credits
collected out of the proceeds thereof, according
to priority.
Sec. TO- 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 is often afterwards Is NAV be deemed prop
er by the probate Judge. a dividend shall be de-
clared payable out of the assets of the assignorS,
applicable TO the payment ofnon- preferred claims
and balances of claims equally amongst all the
creditors entitled in proportion to the amounts
of their respective claims thereon, including
those disall0wed as to which the claimant has
begun proceedings TO establish the same. Is ic-
quired in the sixth section of this act; of the
king of which dividend. and of the time and
place of payment thereof, notice shall be given
by advertisement in newspaper and in such
other way As the probate Judge may direct; of
the payment of which dividends and those re-
manning uncalled for and unpaid at that time,
report shall be made within sixty days after the
! day fixed for the payment of the same. The pro-
bate Judge shall then caa>e a new notice to be
given t0 the owners OF the unpaid dividends, by
publication and such other mode As he shall di-
! rect; and ifthe sane are not demanded within
! twelve moaths thereafter, the same shall be di-
7 vIded pro rata amDng the other creditors until
they are paid in fnll. and the remainder. if any
to the ;lssgnor or his legal Representatives. The
(. dividends reserved for claims disallowed, where
( the proceedings 10 enforce their allowance have
7 been commenced. shall BE- held until said pro-
ccedings have terminated. when they shall be
I paid, ii the allowance of the claim has been or
dered, upon the same; otherwise, they shall be
distributed pro rata amongst other creditors not
paid in full, or refunded 10 tbs assigaor, aS the
ease may require.
Sec. IL. Before any dividend is declared. the
casts and expenses of administering the trusts
of the SAID assignment, including Il reasonable
W
sci fees and other expenses, rs may be allowed
by the probate Judge, shall be paid oIt of the
trust fund.
Sec. Il. In case the assignee or anv creditor
ha e reason to believe and make afiidavitt there
of, that the asSgnor has not surrendered all the
property and cifacisembraced in the assignment;
or that he has property or effects which ne eoa-
ccals and refuses To apply to the payment Of h:s
debts; or thai he has conveyed o. assigned any
property or effects for the purpose of hinderiug,
dclayin; defssssdsng his creditors, or that he
Is about To do so; or that he has converted any
property and effects into moneys and credits for
the purpose of putting them beyond the reach
of his creditors or the jurisdiction of the courts
OF the coantT, or is about 20 do the probate
judge shall cause him TO appear in Opcn court
or before referee and answer under oatp al in
teTTogatorie, concerning the same; ;andm1y MAKE
all LecesS;lry orders u'-,n proper pUties to pre-
vent further transfers and changes in any pro-
rerty and effects which he thinks belong tu the
debtor and should be applied To the payment of
h. debts: but such order shall have the effect
to altc- the title or pssessIo;r oi any prop rv or
effects claimed ar possessed by any third person.
See. l3. Every person presenting and filing
claim against the estate al the debtor. and before
the SINE shall b allowed or any payments made
thereon, shall make and file the aifdavtt sct
ting forth that the said claim is Just and lawful
what collateral or personal security, If any, the
claimant holds for the same. or that he has no
SECURITY whatever, aud the assignee or any cred
itor shall have the right to examine the claimant
under oath touching any such collateral or other
security. .T any other matter relating ITO said
claim. within such time and under such regula- !
lions shall be prescribed by the probate Judge.
See. / l. The probate Judge shall have the right !
at any time to remove any assignee iorgOod cause
and To appOin; another IN his stead. and to make |
and enforce all orders necessary TO cause the pro-
perty and effects Ia be delivered to the new trus-
Tee. and to require new undertakings with addI-
tional sureiies, and an application made by any |!
surely or sureties OF ANY assignee, may. If slis-
fed of the re;sonableneSs of such application. /
discharge such surety or sureties from further
liability and require that said trustee shall be
removed or give new sureiics.
See. 10. Nothing in this act shall be con-
strued a, To require any property exempt from
execution To be delivered up for payment of debts.
or TO authorize any property belonging to the
wife before marriage. and not converted to the .
husband use. to be taken in payment of the 4
debts of her husband.
Sec l6. All assignments in trust 10 4 trustee
or trIs'seS, mad. in contemplation of Insolvency.,
with the intent 10 prefer one or more creditors,
shall inure TO the equal benefit of all creditors in
proportion TO the amounts of their res ective
claims. and the trusts arising under the same
shall be- administered in conformity viii, the
provisions of this act.
Sec. IL. All transfer, conveyances or assign
ments made with the iHtent to hinder. delay or
defiaud creditors. shall inure to the equal bene
fit OF all creditors in proportion 10 the amounts
of their respective claims and the probate judgc.
after any such transfer conveyance O- assign
mcnt shall haze been declared by court of COM
p"tent jurisdiction To have been made with the
ltor, shall appoint an assignee according to the
provisions of this a1t, who. upon being duly
qualified, shall proceed by due coIrSe of law to
possession of all property - transferred,
conveyed or assigned. and to administer the
SaIne in other cas,s Of assignments 10 trustees
for the benefit of creditors.
Sec. Is. This act shall apply To all assign
ments made by any partnership. joint stock as
Sociiiiol or body corporate. and rs far a prac-
icable to all trustees of trusts for the benefit of
creditors hcretufore appointed. and all trustees
and acting under the provisions there
# shall have power, by the direction of the pro-
bate Judge, to compound and compromise any
lebt claim or demand on behalf of his assiguOr ,
hat in his opinion cannot be otherwise recov- Z
red.
See 10. The act entitled ''an act declaring
hr effect of assignments 10 trustees in cnntem-
Dlation of Insolvency" passed March iIth 1853. I
Dc aud the sane is hereby repealed.
Sec 20. The probate judge shall be entitled
% the following fees for services performed un-
Ter this act; fer filing copy of assignment, sched
lie aad inventory, ten cents each, and for all I
,ther papers, five cents each; for appointing or
emoying any assignee. one dollar, for hearing I
md deciding applications by an assignee for
he benefit of This act. tie sams compensation aS
: provided bv law for like services in settle
nent of estates of persons deceased. :
Sec. 81. In all cases OF assignments made
lefore the passage uf this act and where final
settlement and distribution has been made: the /
probate Judge of the proper county shall have b
he power, on the application Of any creditor Of :
he lSsignor, to issue citation aIaiisi such as 1
ignee. requiring him 10 appear before such pro- i
ATE Judge on the dav named in such citation. a
o show cause why he should not give bail for .
he execution of his trust accordin" 10 the pro- "
-isons OF this act; and such probate judge on a
rood cause shown NAV require such assignee to a
rive bail according the pros sions of this act;
md in case each assignee shall all to appear
equired by such citation. shall fail 10 give i
,ail with II the tire ordered by such probate