The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1859-06-01
No. PILL AN c

No. GILL; AN ACT
Regulating the Mode of Administering
Assignment in Trust for the Benefit
of Creditors.
Sec. /. Be 1t enacted By the General
assembly WMe State Of Ohio, That
when any person shall make an assign
ment to a trustee, of any property, mon
ey, rights or credits, in trust for the
benefit of creditors, it shall be the duty
ofsaid trustee, within ten days after
the delivery of the assignment,
to him, and before disposing ofany prop
erty, so assigned to appear before the
probate Judge of the county in which the
grantor resided at the time of execution
the said assignment, produce the original
assignment, or a copy thereof, cause the
same to be filed in the probate court, and
enter into an undertaking in such sum,
with such sureiesa as shall be approved by
the said udge conditioned for th,.iaithful
performance by the said trustees of his
du les according to law.
Sec. 2. Ii any assignee as aforesaid
shall not within ten day after his nomi.
nation to such trust, comply with the
provisions ofthe first section of this act
it shall be the duty of the probate Judge
on application of the assignor or any
n Or more of his creditors, to remove
the said assignee and appointed anoth-
or Ill his stead, who shall therupon inn
mediately comply with the provisions
OF the foregoing section; and the pro-
bate judge shall make and enforce all
necessary orders to put the said trus-
tee SO appointed, into possession of any
property, money, rights, or credits be-
longing to the assignor at the time he
made said assignment.
Sec. 3. Every assignee within the
provisions OF this act shall, within thirty
days after ente ing upon the discharge
such trust, unless for good cause
shown the probate Judge shall allow a
longer time, file in the office of the
probate judge an inventory verified I'M
der 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
comprised in the inventory shall be ap-
by three suitable, disinterested
persons, who shall be appointed by the
probate judge and sworn to a faithful
discharge of their trust, and if any part
such estate or effects be in any other
county, any disinterested justice of such
may appoint the appraisers of
he estate and effects therein.
Sec. 4. Every assignee shall also. at
he same time when he lfes said invento-
y file a scheduled verified under oath
If all debts aud liabilities of the assip-
Tor, within his knowledge, ana shall
'ause notice to be given in some news.
oaper OF general circulation within the
for three successive weeks of
us appointment as assignee, and reouir.
ng creditors to present their claims.
Sec. s, The assignee shall proceed
It once to convert all the assets receiy.
d by b m into money, and to sell the real
md personal property assigned, either
or cash, or upon such other terms as
he probate Judge in his discretion NAV /.
rider, at public auction, at snch time !
nd place as may be designated in notice !
lven.by advertisements some newspa- !
of general circulation within the 8
ounty, for six successive weeks, and !,
which sale due return shall be made ::