Omaha daily bee., 1883-05-31
THE NEW ASSIGNMENT LAW.

Nebraska merchants Will be vitality
interested In the new assignment law
passed at the last session Of the legis-
~lsture, and which goes into operation
on the LIST of June. In many respects
It 10 the most comprehensive and
sweeping measure relating to involun-
tary bankruptcy which has been
placed on the statute book OF any
state, and Is unique In the safeguards
which 1t throws around the
rights Of creditors as protec.
ton against fraudulent assignments
The new law occupies twenty full
pages of the LAWS of 1883 and any
thing more than e bare outline OF Its
provisions is impossible. 1t provides
that all assignments shall be of the
entire property Of the ass!gnor, both
real and %personsl, except such as Is
exempt from levy and execution I'm.
der the laws Of the state, and requires
a separate description of each, which
must be recorded In the county clerks
Office within twonty.four hours otter
the assignment Is made. II
real estate is conveyed by the
assignment to the sheriff, who In all
cases must be the original assignee,
such real estate must be recorded In
the deed record and entered upon the
numerical index of deeds, and within
thirty days It must also be entered In
every other county In which real ca
tate conveyed Is situated. Immediate.
ly upon the execution Of the ingtru.
ment, the sheriff takes possession of
the property and is thereafter re.
sponbible for 1t until he turns 1t over
to his successor under the law. With.
In ten days an inventory must be filed
by the assignor In tho cfics of the
county judge, giving the INT and
residences of the creditors, the sum
owing to each Of them, the true con-
slderation of the liability, every eI-
listing judgment or mortgage, or
other security given TIC secure the pay
ment of such debts, all the property
exempt from execution and a com.
plete list of all property not exempt.
Within fifteen days after the filing of
this inventory, the county judge Ia
required to call a meeting of the
creditors to select oy ballot an assignee
to succeed the sheriff, who shall pro-
coed at once to make and return an
appraisement of the entire estate, and
within forty.e eight hours after filing
such appraisement shall enter into q
bond In twice the amount of the
sppraisement to faithfully perform his
duties.
The law provides that claims against
the assigned estate shall be fled with
the county judge on q day fixed by
him, which shall not be more than 60
days after the meeting of the creditors
to select their assignee. Ali contested
claims may be prosecuted by civil &C
tion in the county judges court, and
appeals will lie under certain ~restric.
lions to the district court, where such
cases shall have preference ON the
docket.
Within three months after the In.
ventory the county judge shall order
a distribution Of all funds In the as
signees hands, and ss soon as the real
estate has been disposed of, the pro-
ceeds shall also be distributed equits-
bly, among the creditors.
No preferred debts are allowed In
assignment under the new law except
debts of not more than 500 to any
one person for wages. Stringent
provisions are made against fraud In
assignments. The secretion of prop.
erty, the oonoealment, alteration or
multilation of books, the obtaining
of credit prior to IN assignment under
false pretenseu, or the disposal of
goods, with the knowledge of i'm.
pending assignment, are all made pen
itentiary offsuses.
1t will DO 100 from this hasty alb.
stract Of the principal provisions of
the new law that 1t will work q com.
plete revolution In proceedings by a.
Segment In our state. Under Its op.
erations 1t will be decidedly difficult
to make money by falling In Nebraska.
1t will be equally difficult for one class
of creditors to profit at the expense of
another, while an equitable and speedy
settlement of the estates OF assignors
is assured. With such safeguards
thrown around them by the state,
Wholesale dealers and manufacturers
will be able to sell on much closer
margins In Nebraska than heretofore.
The retail dealer will In turn dispose
Of his wares at reduced rates, with
greater profit, and the consumer will,
In the end, profit by the cheapening
of merchandise.
The procession on Decoration Day
was noticeable tor the small number
of veterans who marched In the line.