, 1867-06-21

OF ASSIGNMENTS AND AssIeSEEs.

Sec. II. And be a further enacted, That at 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 doings thereon: and if it appears
that the notice to the creditors has not been
given as required in the warrant, the meeting
shall forthwith be adjourned, and a new notice
given as required If the debtor dies after the
issuing of the warrant, the proceedings may be
continued and concluded in like manner as if
he had lived.
Sec 49, And be ii fi'rther enacted, That the
creditor shall, at the first meeting held after
due notice from the messenger, in presence OF
register 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 in number of the creditors who have proved
their debts. If no choice is made by the credit
ors at said meeting the judge, or if there be no
opposing interest, the register, shall appoint
one or more assiguees. II an assignee. so chosen
or appointed, fails within FIVE days to express
in writing his acceptance of the trust, the judge
or register may fill the vacancy. All elections
or appointments of assignees shall be subject to
the approval Of the judge; and and when IN his
judgment it is for any needful or exPedient,
he may appoint additional assignees or order a
new election. The Judge at any time may, and
upon the request in writing of any creditor who
has proved bis claim, shall require the assignee
to give good and sufficient bond to the United
States with condition for the faithful per-
formance 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 benefit of
any injured party. If the assignee fails to give
the bond within such time as the judge orders,
not exceeding ten days after notice to him of
such order, the judge shall remove him and apS
point another in his place.
Sec. H. Ind be 1t further enacted That as
said assignee is appointed and qualified,
the Judge, or where there is no opposing interest
the register, SHALL by 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 back to the
commencement of said proceedings in bank
ruptcy, and thereupon, by operation of law, the
title to all such property and estate, both real
and personal, shall vest in said assignee, all
though the same is then attached on mesne pros
cess as the property Of the debtor, and shall
dissolve any such attachment made within four
months next preceding the commencement of
said proceedings Prcrdad hOucrer, That there
shall be excepted from the operation of the pro:
visions of this section the necessary household
and kitchen furniture, and such other articles
and necessaries of such bankrupt as the said
assignee shall designate and set apart, having
reference in tide amount to the family, condi-
ton, and circumstances of the bankrupt, but
altogether not to exceed in value, in any case,
the sum Of five hundred dollars and also the
wearing apparel OF such bankrupt, and that of
his wife and children, and the uniform, arms
and equipments OF any person who is or has
been a soldier in the militia or in the service of
the United States; and such other property as
now is, hereafter shall be exempted from
attachment or seizure, or levy on execution by
tLa la of fha init 9TH
property not included in the foregoing excep,
lions, is exempted from levy and sale upon
execution other process order Of any court
by the laws Of the State in which the bankrupt
has his domicilc at the time Of the commence
ment of the proceedings in bankruptcy, to an
amount not exceeding that allowed by such
State exemption laws force in the year egh>
teen hundred and sixty,four Prorided, That
the foregoing exception shall operate, as q limi-
tatiOn upon the conveyance of the property o
the bankrupt to the HSsignees; and in no case
shall the properly hereby excepted pass to the
assgnees, 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 sub
ject to the final decision of said court an
proUided further, That no mortgage of any yes
sci or of any other goods or chattels, made a
security for any debt or debts, in good faith anC
for present considerations and otherwise valid
and duly recorded pursuant to any statute o.
the United States or of any State, shall be in
validated or effected hereby; and all the pro
pcrty conveyed by the bankrupt in fraud of hi!
creditors all rights in equity, chooses in action
patents and patent rights, and copy rights al
debts due him, or any person for bis use, and
oil liens and securities therefore and all bis
rights of action fer property estate, real OF
personal and for any cause of action which the
bankrupt had against any person arising from
contract or from he nj tak or datap
tion, or Of injury to the property of the bank
rupt, and all his rights of redeeming such pro
perty or estate, with the like right, title, power
aud authority 10 sell, manage, dispose Of sue
for and recover or defend the same, as the
bankrupt might or could have had if no assign.
ment had been made, shall, in virtue of the ad
indication Of bankruptcy and the appointmenl
of his assignee, be at once vested in such as
slgneei and he may sue for and recover the said
estate. debts and effects, and may prosecute and
defend all suits at law or in equity, pending a.
the time Of the adjudication Of bankruptcy, il
which such bankrupt is a party in his OWL
name, in the same manner and with the lik,
effect they might have been presented or de
Tended by such bankrupt; and copy, duly GER
tilted by the clerk of the court, under the sea
thereof Of the assignment made by the Judge o
register as the case may be, to him as assignee
SHALL be conclusive evidence of his title as sucl
assignee 10 take, hold, sue for and recover III,
tionedi but no property held by the bankI upt in
trust shall pass by such assignment No per
S1son shall be entitled to maintain an actor
against an assignee in bankruptcy for anything
done BY him as such assignee without previous
ly giving him twenty days notice of such action
specifying the cause thereof, to the end tha
such assignee may have an Opportunity o
rendering amends, should he see fit to do so
No person shall be entitled, as against the as
signee, to withhold from him possession of an,
books of account of the bankrupt, or claim an
lien thereon and no suit 10 which the assigne,
IS party shall be abated by his death or re
moyal from office, but the same may be pro
secuted and defended by his successor, or b
the surviving or remaining assignee, as the cas-
may be. The assignee shall have authority
under the order aud direction of the court
redeem or discharge any mortgage or conditions
contract, or pledge or deposit, or lien upon an
property, real or personal, whenever payable
ana 10 tender due performance of the conditio
thereot or TO sell the same subject to such NOR
gage, lien, or other membranes. The debtc
snAli also, at the request Of the assignee and ,
Inc expense Of the estate, make and exeeui
Sny Instruments deeds and writing. which ma
q eun IA ~