Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-03-21

ana lui ANY cause OF hcLAon WHICH Lne bankrupt
had against any person arising from contract or
from the unlawful taking or detention of in
jury TO the property Of the bankrupt, and all his
rights 0fredeeming such property or estate. with
the Ike right title, power. and authority to sell,
manage. dispose OF, sue for and recover or defend
The same. As the bankrupt might or could have
had il no assignment had been made. shall. in
yirtnc OF tina adjudication Of bankruptcy and the
appOintHi MT Of his assmee, be at once vested in
such ussignee; and he may sue for and recover
the said estate debts aud effects, and may prose-
cute and defend all suits at law or in equity,
pending at the time of the adjudication of bank
ruptcy. in which such bankrupt is party in his
own name in the same manner and with the
like effect as they might have been presented 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 or register, as the case may be, to him as
assignee. shall be conclusive evidence of his title
as such assignee to take, hold, sue for and re-
cover the property of the bankrupt, as herein-
before mentioned but no property held by the
bankrupt in trust shall pass by such assignment.
No person shall be entitled TO maintain an ac-
ton against an assignee in bankruptcy for any
thing lone by Am as such assignee without pre-
Wously giving hsm twenty days notice Of such
action. speeltyIns .ae cause thereof, to the end
that such aasigIee may nave an opportunity of
rendering amends should hs see ct 10 do So No
person shall be entitled, as-against the assignee
To withhold from him possession Of any books Of
eeunf.si sac bankrupt oreiaisa any liEp there
on ana ~ s4ti' ~ which the AZ ss lsiFly
hail % 1sssi 81 bic aeaih 81 sTnaKd fsfr
s-ssS. llszs1Fs has s.s ~. ss..ilted aa.i a.,
feA9ed by has sneeessor. 81 hy the surviving or
remaining assignee. as the case may be. The as
siynee shall have authority. under the order and
direction of the court. to redeem or discharge
anv mortgage or conditional contract. or pledge
or deposit. or lien upon any property, real or per-
sonal, whenever payable, and to tender due per
furmance of the condition thereof, or to sell the
same subject to such mortgage, lien OF other in
cumbrances. The debtor shall also. at the re-
quest of the assignee. and at the expense of the
estate. make and eVe Vepute lugtflfnpnts dapdl
and writings which may be proper to enable the
assignee to possess himself fully of all the assets
of the bankrupt. The assignee shall immedi-
ately give notice of his appointment, By publi-
cation at least once a week for thee successive
weeks in such newspapers as shall for that pur-
pose be designated by the court, due regard being
had to their general circulation in the district
or 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 recorded IN every registry OF deeds or other
Office within the United States where q convey
ance of any lands owned by the bankrupt ought
by law to be recorded and the record of such
assignment, or duly certified copy thereof
shall be evidence thereof in all courts.
Sec. Is. And be it further enacted. That the
assignee shall demand and receive faOm any and
all persons holding the same all the estate as
signed, or intended to be assigned under the
provisions OF this act, and he shall sell all such
unincumbered estate real and personal. which
comes to his hands on such terms as he thinks
most for the interest of the creditors; but upon
petltl0n OF any person interested, and Tor cause
shown. the court may make such order concern
ing the time, place. and manner of sale, as will
in its opinion, prove to the interest of the credi
tors and the assignee shall keep a regular ac-
count of all money received by him rs assignee
to which every creditor shall, at reasonable
times, have free resort l#.
Sec. 16. And be it further enacted, That the
assignee shall have the like remedy to recover
all said estate debts and effects in his own name
as the debtor might have had if the decree in
bankruptcy had net been rendered and no as
signmenthad been made. If. at the time of the
commencement of the proceedings in bankrupt
cy, action is pending in the name ofthe debt
or for the recovery of debt or other thing
which might or ought to pass to the assignee by
the assignment, the assignee SHALL if he requires
it, be admitted to prosecute the action in his own
name, IN like manner and with like effect if
it had been originally commenced by him. No
suit pending in the name of the assignee shall
be abated by his death or removal; but upon
motion of the surviving or remaining or new as
Signee, as the case may be, he shall be admitted
to prosecute the suit in like manner and with
like effect as fit had been originally commenced
by him. In suits prosecuted by the assignee a
certified copy of the assignme ent made to him by
the judge or register shall be conclusive eyi-
dence of his authority to sue.
See. II. And be it further enacted That the
assignee SHALL as soon as may be after receiving
any money belonging to the estate, deposit the
same in some bank in his name as assignee. or
otherwise keep it distinct and apart from all
other money in his possession and shall as far
as practicable, keep all goods and effects belong
ing to the estate separate and apart from all
other goods in his possession, or desi guated by
Appropriate marks, so that they may be easily
and clearly distinguished, and may not be ex
posed or liable 10 be taken as his property or
for the payment Of his debts When il appears
that the distribution Ofthe estate may be delayed
by litigation or other cause the court may direct
the temporary investment of the money belong
ing to such estate in securities to be approved
by the judge or a register Of said court, or may
authorize the same to be deposited in any con
venient bank upon such interest, not exceeding
the legal rate, as the bank may contract with
the assignee to pay thereon. He shall give
written notice to all known creditors by mail or
otherwise, of all dividends and such notice of
meetings, after the first, as 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 reasonable compensation for his
services, in the discretion of the court. He may,
under the direction of the court, submit any
controversy arising in the settlement Ofdemands
against the estate, or of debts due to it. to the
determination of arbitrators, to be 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 for
the interest of the creditors.
. Sec Is. And be it further enacted. That the
court after due notice and hearing, may remove
an assignee for any cause which. in the judg-
ment of the court, renders such removal neces-
sary or eXpedient. At a meeting called by order
Of the court in its discretion for the purpose or
u
majority of the creditors in number and value
the creditors may. with consent Of lthel court
remove any assignee by such a vote is herein
before provided for the choice of assignee. An
assignee may, with the consent of the judge, re-
sign his trust and be discharged therefrOm.
Vacancies caused by death or otherwise in the
Office of assignee may be filed by appointment
of the court or at its discretion by an election
by the creditors in the manner hereinbefore
provided at a regular meeting, or at q meeting
called for the purpose, with such notice thereof
70 oil Qnh hV amn
person as the court shall direct The resignation
or removal of an assignee shall IN no way re
lease him from performing all things requisite
on his part for the proper closing up Of his trust
and the Transmission thereof to his successors,
shall il affect ths liability of the principal or
surety on the bond given by the assignee.
When By death or otherwise, the number Of as
signees is reduced, the estate of the debtor not
lawfully disposed of shall vest in the remaining
assignee or assignees, and the persons selected
TO fill vacancies, if any, with the same powers
and duties relative thereto. as II they were
originally chosen. Any former assignee. his eX-
ecutOrs or administrators upon request, and at
the expense of the estate, shall make and exc
cute to the new assignee all deeds, cOnveyances
and assurances. and do all other lawful acts
requisite to enable him to recover and receive
all the estate. And the court may make all or
ders which Il may deem expedlent TO secure the
proper fulfilment of the duties of any former
assignee and the rights and interests Of all per
sons interested in the estate. No person who
has received any preference contrary to the pro-
visions OF TINS act snail vote LOT OF DC bslDlo ~
assiFpee -s-tssS-tltle 70 property. real or per-
sOnal, sold transferred. or conveyed By On as
signee shhll be affected or impaired by reason OF
his ineiigibility. An assignee refusing or IN
reasonably negiecting to execute an instrument
when lawfully required by the court, or disObey-
ing a lawful order or decree of the court IN the
premises may be punished as for a contempt OF
court.
OF DEBTS AND PROOF or CLAIMS.
Sec. l9 And be it further enacted. That all
hla from, the hq nj krmBt the
time of the adjudication of bankruptcy, and all
debts then existing but not payable until a
future day, rebate Of interest being made when
no interest is payable by the terms of contract,
NAV be proved against the estate OF the bank
rupt All demands against the bankrupt Tor or
on account Of any goods chattels WrOngtully
taken converted. or withheld by. him may be
proyed and allowed as debts 10 the amount Of
the yalpe of the property so taken or withheld,
with interest If the bankrupt shall be bound
as drawer, endorser, surety, bail, or guarahtor
upon any bill, bond. note, or any Other speclaity
or contract or for any debt Of an other person.
and his liability sh all not have become absolute
until after the adjudication OF Denkiuptcy, the
creditor may prove the same alter such napllity
shaI have become fixed. and before the maj
dividend shall have been declared In All cases
of contingent debts and contingent ha6illue'
Contracted BY the bankrupt, and not herelh
otbarSv;se rrnvided for the creditor may make
claim therefor, and have bis cain allowed,
with the right 10 share in the dividends, II the
contingenrv shall happen before the order LOT
the fnal dividend or he may at any time Apply
to the court 70 have the present yaiue 9l @ tne
debt or Habil tV ascertalned ana lQuldatSl.
rbi.h sboII then be done in such manner as the
/ court shall order, and he shall be allowed 70
prove for the amount go asrertained. ANY per
son liable as bail surety, guarantor. or oihef-
wise for the bankrupt, who snail nave pala ~ the