Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-03-18

ntty-hve cents on the dollar Of their
face value provided, compromise
bonds issued in lieu Of any bonds
which have been pronounced invalid
by the Supreme Court of this State,
shall be excluded so far as such in
valid bonds shall compose a part or
the whole of such compromise bonds (;
and compromise bonds issued in whole
or in part in lieu of bonds liable by
implication on account of overissue
or otherwise, to a similar decision of
the Supreme Court, shall not be re-
ceived, so far as they may be composed
in whole or in part, of such suspected
bonds, until the validity of such sus-
pected bonds shall be determined by
the Supreme Court of the State. And
the aforesaid bonds, scrip, ETC., shall
be received, with interest added, if
there be interest, in payment of taxes
imposed prior to 1875, whether before
or after judgment or decree, against
the delinquent taxpayer in satisfac-
ton of such taxes or by way of get
off against taxes due such ex-
tinct municipalities, whether ac-
quired before or after suit brought
against a delinquent taxpayer.
But before being required to accept
the same, such back tax-oollector and
receiver may, if he chooses, and if he
suspects the debt not valid, or if any
creditors gives him notice that it is
not, then, before taking it, he shall on
motion, in the general suit, have the
question settled by the chancellor
whether such Indebtedness is valid or
not, and it shall be the duty Of such
receiver and back ax-collector to re-
ceive in payment Of taxes imposed af-
ter 1874 any of the aforesaid valid in
debtedness of the extinct municipality,
when there is no lien or equity requir-
ing the same to be paid in current
money; and whenever any question
may be raised as to the right of the
taxpayer to pay taxes imposed after
1874 in the said indebtedness of the
extinct municipality, the court shall
determine the same on motion at the
instance of the parties interested;
provided, however, that in every case
where a bond of any kind or charac-
ter, whether it be a compromise bond
or other kind of bond, is received or
taken up before maturity, all unma-
tured interest coupons shall be sur
rendered with it, and no bond of any
kind shall in any case be received be-
fore maturity which has the interest
coupons detached, and nothing shall
be allowed for such unmatured cou-
pons. All evidences of Indebtedness
taken by said receiver in payment of
taxes shall be cancelled by him as
soon as the same comes into
his hands, under the super
vision Of the chancellor in such
manner as he may order and decree.
Sec. 6. Be it further enacted, That
when collections shall be made or
taxes paid as herein provided, or in
current or lawful money of the United
States, it shall not be lawful for such
receiver and back tax-collector to
coerce payment of a greater sum than
one-fifth part annually, so as to dis
tribute the whole through five equal
annual installments. The said period
of five years shall begin from the time
of the appointment and qualification
of the back tax-collectOr and receiver.
and all costs of condemnation, penal
ties and charges are hereby RENTED
in all cases where taxes are collected
under this act provided, however,
that nothing herein contained is in
tended to interfere with any vested
right, which entities the party having
such right to a speedier collection, but
only to extend the indulgence wherein
the State has the power to do so, with
out interfering with vested rights.
Sec. Z. Be it further enacted, That
funds collected under this act shall be
paid out by the treasurer of the State
from time to time to those entitled, in
such manner as the Chancery Court
may adjudge and decree, on the war
rant Of the receiver, countersigned by
the chancellor.
Sec. 8. BE 1t further enacted, That
the compensation of the back tax
collector and receiver of the extinct
corporation of Memphis shall be
two thousand dollars per annum,
but after two years the county
court shall fix the salary of such Off
Gel, not to exceed two thousand dollars
per annum and of such other munich
palities as this act may apply to, such
sum as the Quarterly Court of the
county may allow-in no case to ex-
coed the sum that would be paid to
the county trustee for like services.
Sec, g.. Be it further enacted, That
the receiver and back tax collector
shall have power to employ an assist
ant at a compensation not to exceed
800 per month during the time he is
in actual service.
SEQ. 10. Be it further enacted, That
publication shall make all creditors
parties with the right to relief as fully
as it specially named; and they may
at any time file with the clerk of the
court their claims, or attested copies,
retaining the original if they desire,
subject to be produced, however, as
the court may order, and placed in
the custody of the clerk. The sim
pie filing Of said claims, respectively,
attested by the affidavit Of the owner,
or his agent or attorney, shall be proof
of such claim, In common form, and
if not contested entitle the same to
payment pro rata; and for admins
tering tho oath in proving such claims
in common form, and filing the same,
the clerk shall receive the sum of ton
cents, to be paid at the time Of making
the cath aud filing the claim. If any
creditor, or the receiver or back tax
collector, shall desire to contest the
validity. i'm whole or i'm mart Of anv