Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1882-03-02
ACTS OF THE LEGISLATURE.

AUS UE IHE LEGlSLAl UhEs
AN ACT to amend Chapter XCVII, of the Title
v, Part II, of the General Statutes of this
State, relating to assignments of insolvent
SECTION 1. BE 1t enacted by the Senate and
House of Representatives Of the State of South
Carolina, now met and sitting in General AS
sembly, and by the authority of the same,
That Chapter XCVII, of Title V, Part II, Of
the General Statutes of this State, be, and the
same is hereby amended by adding thereto the
following as Sections 10, II and II OF the said
chapter: ...
SEC. TO- That any assignment of an insol-
vent debtor of his or her property for the bene-
fit of his or her creditors, in which any prefer
ence or priority is given to any creditor or
creditors of the said debtor by the terms OF
the said assignment, over any other creditor
OF creditors, other than as to any debts due to
the public, or in which any provision or dispo-
sition of the property so assigned is made or
directed, other than that same be distributed
among all creditors of the said insolvent debt
or equally, in proportion to the amount OF
their several demands, and without preference
or priority of any kind whatsoever, save only as
to debts due to the public, and save only as
to such creditors as may accept the terms OF
such assignment and execute release of their
claims against the debtor, and except as here
matter provided, such assignment shall be alb
solutely null and void, and of no effect what
soever
SEC. II. fany person, being insolvent, with
in ninety days before the making of any assign
ment by him or her Of his or her property for
the benefit of his or her creditors, with view
to give preference to any creditor OF person
having a claim against him or her, or who is
under any liability for him or her, procures or
suffers any part of his or her property to be
attached, seuuestered or seized on execution,
or makes any payment pledge, assignment,
transfer or conveyance of any part OF his OF
her property, either directly indirectly, ab-
sOlutely or conditionally, the person recelV-
ing such payment, pledge, assignment, trans
fer or conveyance of any part of his or property
either directly or indirectly, absolutely or con-
ditionally, the person receiving such payment,
pledge, assignment, transfer or conveyance OF
any part of his orher property, or to he bene"
ftcd thereby, or by such attachment, having
reasonable cause to believe such person to be
insolvent, and that such attachment, seques-
tration, seizure, payment, pledge, assignment
OF conveyance is made i'll fraud, OF the proVls-
ions of this chapter, the same shall be void,
and the assignee may recover the property OF
the value of it from the person so receiving 1t
or so to be benefited. Nothing, however, in
this section shall he construed to invaldate
any loan of actual value, OF the security there
for, made in good faith, upon security taken
in good faith, on the occasion of the making
of such loan, or any security bona .fde made for
advances.
SEC. 12. Whenever any debtor shall assign
his or her property for the benefit of his or
her creditors, it shall and may be lawful for
any creditor of the said debtor, either 10y simple
contract, specially or any other manner, to
institute proceedings against the said debtor
or the assignee named in the said assignment,
or any other persons properly parties thereto,
either to attack and set aside the said deed of
assignment, or to enforce the provisions there
of, or for any other purpose whatsoever, with
out first obtaining and entering up Judgment
against the said debtor upon the claim or de-
mand so held by the said creditor or creditors
Approved the 9th day of February, A. ID.
1882.