Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1881-01-05
Laws of Vermont.
Publ,c Acts designated for publication in The
newspapers By The Secretary of State.

and provide for the equal distribution of tn,
effects OF inSolvent debtors.
Il is hereby enacted by the General Assembly o.
the State OF Vermont:
SCI non l. The register of court OF insolvency
may administer oathS required in the course Of
proceedings before the court, except the oath tc
be taken by the debtor at the second meeting OF
the creditors, and in the absence of judge or a
vacancy in that office he may call and hold credi-
tors meetings or diourn court or meeting.
SEC. q In case of the legal disability of Judge
to act in a case, or in case the judge dies or be-
comes incapactated for executing the duties of his
Office, removes out of the insolvency district, or
resigns the register shall have the powers and per-
form the duties OF the Judge until such ncapacity
is removed or until another judge is appointed
SEC. ;. Section eight OF number one of the acts
Of 1870 is hereby repealed.
SEC. 4. Section fifteen of said act is hereby
amended so to read as follows:
" An inhabitant of this State owing debts exceed
ing the amount of three hundred dollars, contracted
while such inhabitant which he is unable to pay,
may apply by petition verified by oath to the judge
for the insolvency district in which he resides
ting forth that he is such lnhabtant and is owing
debts contracted while such nhabitant to an amount
exceeding three hundred dollars, which he is unable
pay in full, and that he is willing to assign his
estate and effects except such as are exempt from
attachment for the benefit of his creditors and
praying that such proceedings may be had in the
premises as are provided in this act"
SEC. (. Section seventeen of said act is hereby
amended so as to read as follows:
Upon the filing of such petition and the
filing of the schedules of creditors and assets
the creditors OF such petitioner and fix the
time and place for holding the same, and cause the
register to forward by mail prepaid, to each cred
tor named in the schedule, notice stating the
date and place of filing the petition, and that
meeting Of the creditors will be held at court of
insolvency, to be held at time and place named in
the notice, not less than ten nor more than sixty
days after the date of the notice, to prove their
debts and choose one or more assignees OF the
estate. The Judge shall also cause the register
forthwith TO give notice by advertisement in one or
general
trict of the filing of the petition of the time and
place OF the creditors meeting, and that the pay
ment OF any debts and the delivery of any property
belonging to said debtor, to him for his use and
the transfer OF any property by him, are forbidden
by law"
SEC. g. No creditor whose debt is provable
shall unless the due such creditor is in dis
pute, be allowed after the fling of the petition to
prosecute to final judgment suit at law in
equity therefor against the inSolvent debtor until
the question of such debtors discharge has been
determined and any such suit shall, on the appli
cation OF the debtor, unless he unreasonaby delays
endeavorlng to obtain discharge be stayed to
await the determination of the court of insolvency
on he question of discharge If the amount due
the creditor is in dispute, the suit by leave of the
court OF insolvency, may proceed to Judgment for
the purpose OF ascertalning the amount due, which
amount may be proved in insolvency but eXecu
ton shall be stayed.
SEC 7. Section twenty-four OF said act is hereby
amended so as to read as follows:
Debts due and payable from the debtor at the
time OF the filing OF the petition may be proved and
allowed against his estate at any meeting of the
creditors, and debts existing but not payable until
a future day, may be proved and allowed as if
presently payable, with discount of interest
where no interest is payable by the contract.
Claims against the debtor for account OF
goods, chates, or other property wrongfully taken
withheld or converted by him may be proved and
allowed as debts to the value of such property,
with interest.
If the debtor is bound as indorser, drawer
surety, bail or guarantor, upon a bill bond, note
o other a n
inh his liability does not become absolute until
after The filing of the petition, the creditor may
prove The same after the liability becomes fixed
and before final dividend is declared,
In case. OF contingent debt and contingent liza
hllty contracted by the debtor and not herein
otherwise provided for the creditor may make
the right to share in the dividends, if the contin-
gency happens before the order for the final dv-
dend, or he may at any time apply to the court to
have the present value of the debtors liability
ascertained and liqudated, which shall be done in
such manner the court orders, under the provis-
ions Of this chapter, and he shall be allowed to
prove as debt the amount asCertaned.
A person liable as bail, surety, guarantor or
otherwise for the debtor who has paid the debt
any part thereof in discharge of the whole may
prove such debt for the amount paid, although
such payments were made after the proceedings in
insolvency were commenced and person so liable
Tor the debtor and who has not paid the whole of
SAID debt but liable for the same or part thereof
may, if the creditor fails omits to prove such
debt, prove the same in the Of the creditor or
otherwise, is provided by the rules
When the debtor is liable pay rent other
debt falling due at stated periods, the creditor may
prove for proporti onate part thereof up to the
time OF the filing of the petition as if the same
increased from day to day, and not at stated
periods,
II the debtor is liable for unliquidated damages
arising out OF contract or promise, or on account
of any goods or chattes wrongfuy taken, con-
yerted or withheld, the judge may assess such
damages or cause them to be assessed as herein
alter provided. and the assessed be
proved against the estate.
Upon debts subject to the payment of interest
interest shall be computed TO the date of the filing
OF the petition.
No debt other than those above specified shall be
proved or allowed against the estate.
SEC. 8. Section twenty-six of said act is hereby
amended SO as to read as follows
when a creditor has mortgage or pledge of real
personal estate of the debtor or lien thereon for
securing the payment OF debt claimed by him, the
property so held as security shall, If the assignee
creditor require it, be sold under the order of
and the net proceeds applied towards the payment of
such creditors debts secured, and he shall be ad-
mtted as creditor for the residue if any The
sale shall be made in such the Judge shall
order and the creditor and the assignee respectively
shall execute the deeds and papers necessary and
proper for cttecting the conveyance If the credi-
tor 50 elects he may release and deliver up to the
assignee the premises OF estate held security and
be admitted creditor for the whole OF his debt
SEC 9. Section thrtA-two of said act is hereby
amended so as to read as follows;
"A person claiming to be creditor whose
claim is disallowed in whole in part to
the amount of twenty dollars, assignee
or any other creditor dissatisfied with the allow
aace Of claim to the amount of twenty dol
lars or more, may appeal from the decision making
such allowance to the county court if notice thereof
is given to the register, to be entered with the
record Of the proceedings, and also to the assignee
and creditor, within ten days after the decision
appealed from. The appeal shall be entered at the
term of the county court first held within the county
after the expiration of twelve days from the time of
staining such 3DDeal But If the appellant
ing valves his appeal before the entry thereof, or
does not enter it, proceedings may be had in the
court of insolvency as if no appeal had been taken.
Security for costs shall be given by the party
appealing as in cases Of appeal from the probate
court
SEC TO- An assignment under order Of a court
of insolvency shall vest in the assignee all the pro-
oertv of the debtor, real and personal, which he
could have lawfully sold, assigned or conveyed, or
which might have been taken on execution upon
Judgment against him at the time of the filing Of
the petition, and all debts due the debtor or any
person for his use, and the liens and securities
therefor and his rights of action for usurious inter
est or for goods or estate, real or personal, and
rights of redeemlng the same And the assign
ment shall by operation of law relate back to the
date of the filing of the petition, and shall dissolve
attachments upon mesne or trustee process, or writ
of sequestration upon the property Of the debtor,
made within sixty days next preceding the filing Of
the petition, and all liens Of execution when the
property levied upon has not actually been sold
before the commencement of the proceedings in
insolvency and when the property levied upon was
not actually attached upon mesne process at least
sixty days before the commencement OF the pro-
ceedings in insolvency, and the property or estate
so attached or levied upon shall come to the hands
Of the assignee
SEC. H. The assignee may under order Of court
redeem mortgages, conditional contracts, pledges
liens upon the goods estate of the debtor, or sell
the same subject to such mortgage or incumbrance
The costs in all suits made before the commence
ment of the proceedings in insolvency where attach
ments and ievies are dissolved under this act may
md a11C It4yifh he 1Pht