The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1885-01-29
IiiII.
By Senator II Rrrison, In tho Senate, jan
uary 10, 1885; Reported faVorsbly and
Read FIRST lime,


SECTION 1. BE IL enacted by the legis-
lature of the stSto OF Texas: That ev-
cry assignment mRdo by an insolvent
debtor, Tor tho benefit of hls creditors
shall provide, except rs herein other
wise provided Tor, AN equitable distfibu
ton of all his property rohli pStSonal
and mixed, other than which Is by law
exempt from execution, among all his
creditors In proportion 10 their respect
i've claims, and every assignment made
under the provisions oil this act, shall
bo proved or acknowledged, and certi.
fled In the same manner as Is provided
by law, In conveyances of real estate or
other property, and shall be recorded In
the county or counties hereinafter des-
ignated.
Sec. 2. The asslgnor shall annex to
every assignment an Inventory con-
tanning the following statement, which
shall be, and constitute n part OF the AS
signment: !. a full and true nc
count of all the creditors of such
debtor or debtors. .. The place
OF tho residence of each creditor,
Unknown, IL not known, that fact To be
80 stated. 3. Tho sum owing To each
creditor and the nature OF each debt or
demand, whether arising on written So
curity, account or otherwise executed.
4. The true cause and consideration
of such Indebtedness in each case and
the place where such Indebtedness
arose. 8. A statement OF any exist
ing judgments, mortgages, collateral, or
other security Tor payment of any such
debt. q. a iull,- true and complete
inventory of all such debtors estate Mt
the date of such assignment. both real,
personal and mixed IN law or In equity,
where tho same is situated, and the en-
cumbrances thereon, and ofall vouchers
and securities relating thereto, and the
true market value Of such estate. {.
Such inventory or schedule shall be
supported by the affidavit of such
that tho same is within his
or their knowledge, in all respects just,
true and correct; provided, that such
list and inventory shall not be conclu'
sive except as against the debtor OF
DEBTORS making the Same.
Sec. 3. Any debtor desiring so to do,
may make an assignment TOR the beno'
fit of such of his creditors only, as will
consent to accept their proportionate
share of his estate, and discharge him
from their respective claims, and in
such case tho benefits of the assignment
shall be limited and restricted to the
creditors conserving thereto, and such
debtor shall thereupon be and stand
discharged from all further Liabilities
10 such COnsenting creditors, on account
of their respective claims, and when
paid they shall execute and deliver TO
the assignee for the benefit of the debtor
a release thereirom; provided, no cred.
itor shall DO compelled to execute said
release who does not receive one-hali
of the amount due or allowed in his IA
vor as valid claim against the estate
of such debtor.
Sec. a. Every assignee shall i'm.
mediately upon the execution
and delivery of the deed OF
assignment, give personal notice to
each of the creditors of tho assignor, by
mail or otherwise. Such personal no
tice shall be written or printed and
signed by the assignee in his trust ca
pacty, and shall contain the following:
/. The kind OF assignment, whether for
the benefit of creditors generally and
without preference, or for consenting
creditors only, and the date of it's exc
cutiOn. 2. The time in which creditors
must give notice of their acceptance and
file their claim. 3. If the assignment
be for the benefit of consenting credi-
tors only, the notice shall also state the
aggregate amount of the assignor's as
sets and the aggregate amount of his
liabilities, together, with the probable
per cent. the estate will pay on each
dollar of the assignor's Indebtedness.
The assignee shall also publish a short
notice of his appointment in some
newspaper published in the county
where tho assignor resides, or where
his principal business was con
Quoted, or If no newspaper be published
therein, then the newspaper published
nearest to such place of residence OF
principal business.
Sec. 5. The creditors of the assignor
IN nr n q
their claims in case of general assign
ment, shall within four months of the
date OF assignment, make known to the
assignee their consent in writing and
within said time file their claims against
the assignor with said assignee, and ev-
cry creditor who fails to do so shall not
receive or take any benefits under the
assignment; provided, however, that
any creditor who had no actual notice
of the assignment may make known his
assent, at any time before the final dis
tribution of the assets under the assign
ment has been made: provided further,
that where the assignment is general
and for the benefit OF all creditors, credi-
tors may file their claims with the as
signee after the expiration of four
months, but in such cases the payment
of the claims OF those creditors shall be
postponed until the payment in full Of
the claims filed within the proper time,
and provided also, that when the as
signment is for the benefit of consent
ing creditors only the receipts by a
creditor of any portion of his claim from
the assignee shall DO conclusive evil
dence OF the assent of such creditor to
the terms and conditions OF the assign
ment
Sec. 6. Every assignee shall be resi-
dent OF the state and of The county in
which the assignor resides, or in which
his principal business was conducted,
and he shall forthwith, upon the eXecu'
ton and delivery of the deed of assign
ment, aud the Inventory and schedule
annexed thereto, endorsed thereon his
and cause the same to be
recorded in the county OF such
assignee's residence, and also in
every county in which there
IS any real property situated
which was conveyed to him by such
deed of assignment, and shall execute a
bond with two or more good and suffi-
Gent sureties, in an amount not less
than the aggregate value OF the as
signed properly as shown by the deed
Judge Of the county court of the county
in which the assignee resides; If there
be none, or he be absent from the county
Or disqualified to act, then by the judge
IF the district court of the district In
which such county is situated, condi-
Toned, that he will faithfully discharge
lis duties as assignee and that he will
make a just and prop0rtionate distribu,
ion of the net proceeds of the assigned
state among the creditors entitled
hereto, which bond shalt be payable to
he state of Texas, and shall be filed
With the county clerk of the county in
which the assignee resides and shall
nure TO the benefit of tho assignol
md the creditors, who may maintain
IN action thereon, against such as
ignee and his sureties, in his or their
'wn name, jointly or severaily for any