Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-22
than ten nor more than ninety days after the is
suing of the same.
OF ASSIGN MENTs AND ASsIGNEEs.

| suing of the same.
OF ASSIGN AENTs AND AssIGNEEs.
| SECTION H. Ind be it further enacted That a
! the meeting held in pursuance of the notice one
| Of the registers Of the court shall preside, and
| the messenger shall make return of the warrant
and of his doinss thereon and if it appears thai
the notice to the creditors has not been given u
| required III the warrant, the meeting shall forth
with be adjourned and new notice given as re-
| CURED Ii the debtor dies after the issuing OF
! the warrant, the proceedings may be continued
and concluded in Ike manner if he had lived.
SECTION ID. Aad be Il further endted, That the
creditors shall, at the first meeting held after due
| notice from the messenger, i'll presence OF a reg
lister designated by the court, choose one or more
assignees Of the estate of the debtor; the choice
! to be made by the greater part IN value and III
| number Of the creditors who have proved their
| debts. If no choice is made by the creditors at
said meeting, the judge, or, if there be no oppos-
ing interest the register shall appoint one or more
asslgneeS. Ii assignee so chosen or appointed,
fails within five days TO express in writing his ac-
ceptance OF the trust, the judge or register may
fill the vacancV. All elections appOl OF
| assignee8 shall be subject to the approval OF the
Judge and when in his Judgment it is for any
cause needful or expeclent he may appoint addl-
tiOnal assignees, order new election. The
judge at any 'imc may, and upon the request III
writing of any creditor who has proved his claim,
shall require the assignee to give good and suttl-
Gent bond to the United states, with a condition
for the faithful performance and discharge Of his
duties the bond shall be approved by the Judge
or register by his endorsement thereon, shall be
filed with the record of the case, and inure to the
benefit of all creditors proving their claims, and
may be prosecuted in the name and for the benc-
fit Of the injured party. If the assignee fails to
give the bond within such time as the Judge or
ders, not exceeding ten days after notice to him
Of such order, the Judge shall remove him an APP
point another IN his place.
SECTION IA And be 1t further enacted That as
soon said ASST gnee appointed and qualified,
the judge, or, where there is no opposing interest,
the register, shall, by an instrument under his
hand, assign and convey to the assignee all the
estate real and personal. of the bankrupt with all
his deeds, books and papers relating thereto, and
such assignment shall relate ack to the COM
mencenent Of said proceedings III bankruptcy,
and thereupon, by operation Of law, the title to ali
such property and estate both real and personal,
shall vest III said assignee, although the Same Is
then attached on mesne process the property
OF the debtor, and shall dissolve any such attach
ment made within four months next preceding
the commencement of said proceedings: PrO0tded,
LO,reCer That there shall be excepted from the OPP
GRAFTON of the provisions Of this section the ncces
sary household and kitchen furniture and such
other articles and nccesSares OF such bankrupt as
the said assignee shall designate and set apart,
having reference in the amount to the family con-
dtiOn, and circumstances Of the bankrupt, but al
together not to exceed in value, Ill any case the
OF $500; and also the wearing apparel OF such
bankrupt, and that of his wife and children, and
the uniform, arms, ana equipments OF any person
who Is or has been soldier IN the militia or III the
service of the United States and such other prop
erty now is, or hereafter shall be, eXemF ted
from attachment, or seizure, or levy on execution
by the laws Of the United States, and such other
property not included III the foregoing GXCGptlOLS
as is exempted from levy and sale upon execution
other process or order Of court, by the laws Of
the State in which the bankrupt has his dOm1cil at
the time Of the commencement OF the proceedings
in bankruptcy to an amount not exceeding that
allowed by such State exemption lS,Ws III force i'll
the year 1861: PrOcjded, That the foregoing ca
ceptiOn shall operate as 4 llmi tatlon upon
the conveyance Of the property OF thu bank
rupt to his assgnees, ana i'll no case
shall the property hereby excepted pass to the as
signees, or the title OF the bankrupt thereto be
impaired or affected by any Of the provisions Of
this act and the determination of the assignee in
the matter shall, on exception taken, be subject
to the final decision of the said court And pro-
rjGed further, That mortgage OF any vessel or
for any debt debts, in good faith and for pres
ent considerations and otherwise valid, and duly
recorded, pursuant to any statute Of the United
States, any State, shall be inyaidated or atfec
ted hereby; and ali the property conveyed by the
bankrupt in fraud of his creditors all rights in
equity, chooses IN action, patents, and patent
person for his use, and all liens and securities
Therefore and all his rights of action for property
action which the bankrupt had against any person
arising from contract or from the unlawful taking
or detention, of injury to the property Of the
bankrupt; and all his rights Of redeeming such
property estate, with the like right, title, power,
and authority to sell, manage dispose OF, sue for,
and recover defend the same as the bankrupt
might or could have had if no assignment had
been made, shall i'll virtue Of the adj Indication OF
bankruptcy and the appointment of his assignee,
be at once vested in such assignee and he may
sue for and recover the said estate, debts, and eff
fects. and may prosecute and defend all suits at
law i'll equity pending at the time of the adjudi-
cation OF bankruptcy in which such bankrupt Is a
party in his own name, III the same manner and
with the like effect as thew might have been pre-
scented or defended by such bankrupt and & copy
duly certified by the clerk of the court under the
seal thereof, OF the assignment made by the judge
register, as the may be, to him assignee,
shall be conclusive evidence Of his title such
signee to take, hold, sue for and recover the prop
erty Of the bankrupt, as herelnbefOrG mentioned
but no property held by the bankrupt III trust shall
pass by such assignment. No person shall be en-
titled to maintain action against an assignee in
bankruptcy for anything done by him such as
si8nee without previously giving twenty days
notice OF such action specifying the cause thereof,
to the end that such ASST gnee may have an oppOr-
tunity Of rendering amends, should he iii to do
so. Nc person shall be entitled, as against the
-ignee, to withhold from his possession Of any
books OF account Of the bankrupt claim any lien
thereof and no suit in which the assignee is a
party shall be abated by his death OF removal
from office. but the same may De pr0secu-
ted aud defended by his successor, or by the
surviving remaining assignee, as the case may
be. The assignee shall have authority, under the
order and direction Of the court, redeem dis
charge any mortgage or conditional contract, or
pledge, or deposit, or lien upon any property, real
or personal, Whenever payable, and to tender due
performance of the condition thereof, or to sell
the same subj oct to such mortgage, hCn or other
membranes. The debtor shall also, at the re-
quest OF the assignee, and at the expense OF the
estate, make and execute any instruments, deeds,
and writings which may be proper to enable the
assignee to possess himself fully CT all the assets
Of th3 bankrupt. The assignee shall Immediately
give notice Of his appointment by publication at
least week for three successive weeks, in
such newspapers as shall, for that purpose, be
designated by the court, due regard being had to
their general circulation in the district, in that
portion Of the district in which the bankrupt and
his creditors shall reside, and shall, within six
months, cause the assignment to him to be re-
corded in every registry Of deeds other Office
within the United States where conveyance of
any lands owned by the bankrupt ought by law to
be recorded and the record of such assignment,
duly certified copy thereof, shall be evidence
thereof in all courts.
SECTION Is. And be 1t further enacted, That the
assignee shall demand and receive from any and
all persons holding the same all the estate as
signed, or intended to be assigned under the pro-
visions Of this act; and he shall sell all such I'M
incumbered estate real and personal, which comes
to his hands, such terms as he thinks most for
the interest of the creditors but upon petition of
any person interested, and for cause shown, the
court may make such order concerning the time,
place, and manner of sale will, in its opinion,
prove to the interest of the creditors and the
sgnee shall keep regular account of all money
received by him ASST gnee, to which every ere
ditor shall, at reasonable times, have free re-
| sort.