Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1874-09-18
GENERAL NArrRR-No. al

Approved, June %, 1874.
GENERAL NATURB-No. 74.]
AN ACT to amend and supplement an act
entitled "An act to establish a uniform
system of bankruptcy throughout the
United States" approved March second,
eighteen hundred and siXty-seven, and
for other purposes.
BE il enacted by the Senate and House of
Representatives. Of The United States of
America in Congress assembled, That the
act entitled IAN act to establish a uniform
system Of bankruptcy throughout the Unit
ed States" approved March second, eigh-
teeE hundred and sixty-seven, be aud the
same is hereby, amended and supplement-
ed as follows: That the court may, in its
discretion, on sufficient cause shown, and
upon notice and hearing, direct the receiv
or or assignee to take possession of the
property, and carry on the business of the
debtor, or any part thereof, under the di-
rection of the court, when, in its judgment,
the interest Of the estate as we'll as of the
creditors will be promoted thereby, but not
for period exceeding nine months from
the time the debtor shall have been declar
ed bankrupt: Provided, That such order
shall not be made until the court shall be
satisfied that it is approved by a majority
in value of the creditors.
SEC. 2. That section one Of said act be,
and it is hereby, amended by adding there
TO the following words: "PrOUided, That
the court having charge of the estate Of any
bankrupt may direct that any OF the legal
assets or debts of the bankrupt, as contra
distinguished from equitable demands,
shall, when such debt does not exceed i've
hundred dollars, be collected in the courts
OF the State where such bankrupt resides
having jurisdiction of claims of such ma
ture and amount"
CRC q That aaptiOn tvO of said hn
and 1t hereby is, amended by striking out,
in line ten, the words 'the same" and in
serting the word "any" and by adding
next after the words "adverse interest,"" in
line twelve, the words "or owing any debt
to such bankrupt"
SEQ. 4. That unless otherwise ordered
by the court, the assignee shall sell the
property of the bankrupt, whether real or
personal, at public auction, in such parts
or parcels and at such times and places as
shall be best calculated to produce the
greatest amount with the least expense. All
notices of public salec under this act by
any assignee or officer of the court shall be
published once a week for three consecu-
tive weeks in the newspaper or newspa-
pers, to be designated by the judge, which,
in his opinion, shall be best calculated to
give general notice of the sale. And the
court, on the application of any party in in
terest, shall have complete supervisory
power over such sales, including the pow
er TO set aside the same and to order re-
sale, so that the property sold shall realize
the largest sum. And the court may, in its
discretion, order any real estate of the
bankrupt, or any part thereof, 10 be sold
for one-fonrth cash at the time of sale, and
the residue within eighteen months in such
instalmeuts as the court may direct, bear
ing Interest at the rate OF seven per centum
per annum, and secured by proper mort
gage or lien upon the property so sold.
MI IL eban a HuIu Of gi
to keep a regular account OF all moneys re-
ceved or expended by him as such assign
ee, to which account every creditor shall ,
at reasonable times, have free access. If
any assignee shall fail or neglect to well
aud faithfully discharge his duties in the
sale or disposition of property as above
| contemplated, it shall be the duty of the
| court to remove such assignee, and he shall
| forfeit all fees and emoluments to which he
| might be entitled in connection with such
| sale. And if any assignee shall, in any
manner, in violation OF his duty as afore-
said, unfairly or wrongfully sell or dispose
of, or in any manner fraudulently or cor
ruptly combine, conspile, or agree with
| any person or persons, with intent to un-
fairly or wrongfully sell or dispose OF the
| property committed to his charge, he shall,
upon proof thereof, be removed, and for
| felt all fees or other compensation for any
| and all services in connection with such
| bankrupfs estate, and, upon conviction
| thereof before any court OF competent ju-
| risdiction, shall be liable to a fine OF not
| more than ten thousand dollars, or impris-
onmont in the penitentiary for term Of
not exceeding two years, or both fine and
| Imprisonment, at the discretion of the
| court. And any person so combining, con-
| spring, or agreeing with such assignee fol
| the purpose Aforesaid shall, upon convic-
ton, be liable TO like punishment. That
the assignee shall report, under oath, TO the
court, at least as often as once in three
| months, the condition of the estate in his
| charge, and the state of his accounts in de-
| tail, and at all other times when the court
| on motion or otherwise, shall so order
| And on any settlement OF the accounts oi
any assignee, he shall be required to ac.
count for all Interest, benefit, or advantage
| received, or in any manner agreed to be re-
ceived, directly or indirectly, from the use
disposal or proceeds Of the bankrupt's es-
| tate. And he shall be required, upon suct
settlement, to make and file in court an ar
fidavit declaring, according 10 the truth
| whether he has or has not, as the case may
| be received, or is or is not, as the case may
be, TO receive, directly or indirectly, any
interest, benefit, or advantage from the use
| or deposit OF such funds; and such assign
ee may bo examined orally upon the samt
subject, and if he shall willfully swea
falsely, either in such affidavit or examin
alton, or to his report provided for in thi.
perjury, and, on conviction thereof, be pun
ished by Imprisonment in the penitentiary
not less than one and not more than fvI
years.
SEC. 8. That section eleven of said act b.
amended by striking out the words "as tn
warrant specifies" where they first occur
and inserting the words "as the marsha
shall select, not exceeding two" and in
serting after the word "spechesr where /
last occurs the words "But whenever tn
creditors Of the bankrupt are so numerous
as to make any notice now required by Law
to them, by mail or otherwise, great ant
disproportionate expense to the estate th
court may, in lieu thereof, in its discretion
order such notice to be given by publica
tion in newspaper or newspapers, to al
such creditors whose claims, as reported
do not exceed the sums, respectively, o
fifty dollars"
SEC. 6. That the first clause of section
twenty of said act be amended by adding
at the end thereof, the words "or in case
of compulsory bankruptcy, afler the act o
bankruptcy upon or in respect OF whlcl
the adjudication shall be made, aud with
view OF making such set-oh."
SEQ. 7. That section twenty-one OF SAT-
act be amended by inserting the following
words in line six, Immediately after there
by" "But a creditor proving his debt o
claim shall not be held TO have waived hi
right of action or suit against the bankrup
where a discharge has been refused or thu
proceedings have been determined wlthou
discharge"