Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-19
THE STATES RECEIVER.
Text OF the act OF the Legislature APP
pointing a Receiver for Memphis
to Collect Back Taxes ana to
Settle the Debts OF the NIX
tIDct Corporation.

The recent receiver bill passed by the leg
islature, and at present a law, provides for
many things of interest to the people of
Memphis, especially the delinquent tax
payers. The following synopsis of the act
gives its provisions: The governor to appoint
an officer known as receiver and back tax col
lector. The receiver shall make report every
three months to the chancery court as to the
taxes collected and settled, a I'd shall keep
an account Of from what sources said sums
were collected, such as taxes for general or
special purposes. He is empowered TO take
possession Of ell books, papers and dOcm'
mentS pertaining to the assessment and col
lection Of tGres. These books, papers and
documents are now IN the possession of the
United States court receiver Judge Latham)
appointed by Judge Baxter.-EDs. APPEAL.J
The receiver Is authorized to file general
creditor bill in the name of the State in be-
half of the creditors and against delinquent
tax payers, the creditors bill TO be filed
In the chaucery court. The object is to make
one chancery proceeding embrace all
the taxes of the extinct corporation The
chancery court IS empowered to settle and
adjust all equities, priorlties, levies, ETC., IN
this general proceeding the same as If there
were separate suits brought against the de-
linquents. The chancery court shall have
power to make all DEGREES and sales of prop
taxes. The back taxes imposed prior to 1875
can be settled IN the valid Indebtedness OF
such extinct corporation, according to the
act of March 20, 1875, on that subject. The
receiver shall receive such indebtedness at the
following rates:
AT WHAT RATE RECEIVED.
Bonds known as compromise or funded
bonds shall be received at their face value;
all other bonds, scrips, certificates OF lndebt-
edness, past-du coupons, ledger balances,
etc., shall be received at fifty cents on the
dollar, or one-half of their face value, and
all judgments shall be received at fifty
cents OF the dollar OF their face value; pro-
vided, compromise bonds issued In lieu OF any
bonds which have been pronounced invalid by
the supreme court of this State SHALL be ex-
Guided, SO far as such invalid bends shall
compose part or the whole of such COM
promise bonds; and compromise bonds issued
in whole or In part in lieu of bonds liable by
implication, on account of oVerlssue or other
wise, to similar decision of the supreme
court, shall not be received, SO tar as they
may be composed in whole or in part OF such
suspected bonds shall be determined by
the supreme court of the State. And
the aforesaid bonds, scrips, ETC., shall
be received, with interest added, II
there be interest, in payment of taxes I'M
posed prior to 1874, whether before or after
Judgment or decree, against the delinquent
tax payer in satisfaction of such taxes or by
way of set off against taxes due such extinct
municipalities, whether acquired before or
after suit brought against delinquent tax
payer. But before being required to accept
the same, such back tax collector and receiver
may, if he chooses, and if he suspects the
debt not valid, or If any creditors give him
notice that it is not, then, before taking 1t he
shall, on motion In the general suit, nave the
question settled by the chancellor whether
such Indebtedness Is valid or not, and it shall
be the duty of such receiver and back tax col
lector to receive IN payment OF taxes imposed
after 1874 any of the aforesaid valid indebt-
edness of the extinct municipality when there
is no lien or equity requiring 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 st the instance OF the parties
interested; provided, however, that IN every
case where bond OF any kind or character,
whether it be a compromise bond or other
kind of bond, is received or taken up before
maturity, all unmatered interest coupons
shall be surrendered with it, and no bond of
any kind shall IN any case be received before |
maturity which has the interest coupons de- |
tached, and nothing shall be allowed for such |
unmatured coupons.
TINE FOR PAYMENT EXTENDED.
When collections shall be made or taxes |
paid as herein provided, or in current or law |
ful money of the United States, it shall not |
be lawful for such receiver and back tax col |
lector to coerce payment of a greater sum |
than one fifth part annually, so as to distri.
butte the whole through five equal annual in
stallments. The said period of FIVE years
shall begin from the time of the appoint
inert and qualification of the back tax-col-
Iector and receiver, and all costs of con-
demnatioD penalties and charges are hereby
RENTED in all cases where taxes are sol
ected under this act; provided, however,
that nothing herein contained is intended to
interfere with any vested right, which emit
ties the party having such right to a speedier
but only to extend the indulgence
wherein the State has the power to do so,
without interfering with vested rights.
The receiver shall nave as compensation
.wo thousand dollars per annum, but
litter two years the county court will
* the compensation. He can employ an
assistant at one hundred dollars per month
'alary. Tho creditors can come into court
and prove their claims for relief, and shall
nave the right to appeal. The right of re-
iemption now allowed by law is not dis
urbed, but until such redemption the prop
,rty is to remain the property of the State.
al suits for the collection Of back taxes now
pending are suspended until the fling of the
aid creditors bill By the receiver.
L