Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-22
SECTION il. And be IL further enacted, That the

| assignee shall as soon as may he after receiving
any money belonging To the estate deposit the
same in bank in his name assignee. or
otherwise keep ii distinct and apart from All other
money in his possession and shall, as far prac-
ticahle. keep ali goods and effects belonging to
the estate separate and apart from all other goods
III his possession. or designated by appropriate
marks. so that they may be easily and clearly
distinguished and may not be exposed or liable
to be taken as his property or for the payment OF
his debts When it appears that the distribution
of the estate may he delayed by litigation or
other cause the court may direct the temporary
investment of the money belonging to such estate
in securities to be approved by the Judge a
register of said court, or may authorize the same
to be deposited in any convenient bank, upon
such interest not exceeding the legal rate, as the
bank may contract with the assignee to pay there
on. He shall give written notice to all known
creditors, by mail or otherwise, of all dividends,
and such notice of meetings after the first, may
be ordered by the court He shall be allowed,
and may retain, out Of money in his hands, all
the necessary disbursements made by him in the
discharge of his duty. and a reasonable compen-
satlon for his services in the discretion of the
court He may. under the direction of the court,
submit any controversy arising in the settlement
Of demands against the estate, or Of debts due to
it, to the determination OF arbtraors, to he chosen
by him and the other party to the controversy.
and may, under such direction compound and
settle any such controversy, by agreement with
the other party, as he thinks proper and most tor
the interest of the creditors.
SECTION Is ind be It further enacted, That the
courts, after due notice and hearing. may remove
an assignee for any cause which, in the judgment
Of the court. renders such removal necessary Or
eNpcdient. At meeting Jailed by order Of the
court. in its discretion. for the purpose. or which
shall be called upon the application of ma ority
Of the creditors in number and value, the credi-
tors may, with consent Of the court, remove any
asst nee by such vote rs is herein before pro-
yided for the choice of asst gnce. An assignee
may, with the consent OF the Judge, resign his
trust and be discharged thuretrOm. Vacancies
caused by death Or otherwise in the office OF as
signee may be filed by appointment of the court
or, at its discretion by an election by the crcdl-
tors, in the manner herein before provided, at a
regular meeting, or at II meeting called fer the
purpose, with such notice thercofn writing to all
known creditors. and by such person, as the court
shall direct. The resignation or removal Of an
assignee shall in no way release him from perform
ing all things requisite on his part for the proper
closing up of his trust and the transmission there
Of TO his succcssOrs shall it affect the liability
Of the principal or surety on the bond given by
the assignee. When, BY death or otherwise, the
number OF asSignets is reduced, the estate Of the
debtor not lawfully disposed of shall vest III the
remaining assignee or assgnees, and the persons
selected to fill vacancies, if any. with the same
powers and duties relative thereto as if they were
ccutors or administrators, upon request and at the
expense Of the estate. shall make and execute to
the new ASST gnec all deeds. COnVeyances, and as
surarces and do all other lawful acts requisite to
enable him to recover and receive all the estate.
And the court may make all orders which it may
deem eXpedient TO secure the proper tultilmcnt OF
the duties Of any former assignee and the rights
and interests of all persons interested in the estate
No person who has received any preference CON
trary to the provisions of this act shall vote 70"
be eligible assignee; but no title to properly,
real personal. SOLD tra}rsferred or conveyed by
an assignee shall be affected or impaired by rea-
son of his ineligibilty. An assignee refusing or
unreasOnably neglecting to execute an instrument
when lawfully required by the court, or disobey-
ing lawful order or decree of the court in the
premises may be punished for a contempt of
court.
OF DEBTS AND PROOF OF CLAIMS.
SECTION 80 and be further enacted That all
debts due and payable from the bankrupt at the
time of the adjudication of bankruptcy, and all
debts then existing but not payable until future
day, a rebate of interest being made when no in
terest is payable by the terms Of contract may be
proved against the estate Of the bankrupt. All
demands against the bankrupt for account
OF any goods or chattles Wrongtillly taken, con-
verified, or withheld by him may be proved and
allowed as debts to the amount Of the value of
the property so taken or withhold with interest.
dorsOr. surety, bail, or guarantor upon any bill,
bond, note. OR any other speciality or contract or
tor any debt of az other person, and his liability
shall not have become absolute until after the
adjudication Of bankruptcy, the creditor may
prove the same after such liability shall have be-
come fixed, and before the final dividend shall
have been declared. In all cases of contingent
debts and contingent liabilities contracted by the
bankrupt, and not herein otherwise provided for,
the creditor may make claim therefor, and have
his claim allowed, with the right to share in the
dividends, If the contingency shall happen before
the order for the final dividend or he may at
any time apply to the court TO have the present
value Of the debt or liability ascertained and
liqudated. which shall then be done i'll such man
ner as the court shall order, and he shall be al
lowed to prove for the amount ascertained.-
ANY person liable as bail, surety: guarantor, or
otherwise for the bankrupt. who shall have paid
the debt, or any part thereof III discharge OF the
whole, shall be entitled to prove such debt. or to
stand in the place of the creditor if he shall have
proved the same, although such payments shall
have been made alter the proceedings III bank
ruptcy were commenced And any person so liza
bic for the bankrupt, and who has not paid the
whole of said debt. but is still liable for the same
or any part thereof may. if the creditor shall fail
or omit to prove such debt, prove the same either
in the name of the creditor or otherwise, may
be provided by the rules, and subject to such
regulations and limitations may be established
by such rules Where the bankrupt is liable to
pay rent, or other debt falling due at fixed and
stated periods. the creditor may prove for a pro-
portionate part thereof up to the time of the
bankruptcy, as if the same grew dEe from day to
day. and not at such fixed and stated periods. 1t
any bankrupt shall be liable for unliquidated
damages arising out of any contract or promise,
or on account of any goods or chattels wrong
fully taken converted. or withhold, the court may
cause such damages to be assessed in such mode
as it may deem best. and the sum so assessed may
be proved against the estate. No debts otner
than those above specified shall be proved or al
lowed against the estate
SECTION 20. And be it further enacted, That in
all cases of mutual debts or mutual credits be-
tween the parties, the account between them shall
be stated and one debt set off against the other,
and the balance only shall be allowed or paid ;
but no set-of shall be allowed Of claim IN It's
nature not provabe against the estate; Proolded,
That no set-off shall be allowed in favor OF any
debtor to the bankrupt of claim purchased by
or transferred to him alter the filing OF the petl-
ton When a creditor has mortgage or pledge
of real or personal property of the bankrupt or
lien thereon for securing the payment of debt
owing to him from the bankrupt, he shall be adj
mitted as a creditor only for the balance of the
debt after deducting the value OF such property,