The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-01-25

and prove himself worthy son OF his 5
state and scion of his race, whose names
and achievements add lustre to the an
nails OF TeXos.
A Bill.
by Senator II harrison, in the Senate, jan
uary 10, 1885; Reported Favorably and
Read FIRST Time.
SECTION /. Be it enacted by the legis-
lature of the state of Texas: That ey
cry assignment made by an insolvent
debtor, for the benefit OF his creditors,
shall provide, except as herein other
wise provided for, an equitable dlstribu.
ton OF all his property, real, personal
and mixed, other than which is by law
exempt from execution, among all his
creditors in proportion to their respect
i've claims, and every assignment made
under the provisions of this act, shall
| be proved or acknowledged, and certl-
fed in the same manner as is provided
! by law, in convoyances of real estate or
other property, and shall be recorded i'll
the county or counties hereinafter des-
ignated.
Sec. 2. The assgnor shall annex to
every assignment an inventory CON
tanning the following statement, which
shall be, and constitute part of the as
signment: l. A full and true ac-
, count of all the creditors of such
debtor or debtors. ?. The place
OF the residence of each creditor,
if known, if not known, that fact to be
= SO stated. 3. The sum owing to each
a creditor and the nature of each debt or
1 demand, whether arising on written Sc
: curity, account or otherwise executed.
0 4. The true cause and consideration
: of such Indebtedness in each case and
the place where such indebtedness
arose. %. A statement of any exist
i ing judgments, mortgages, collateral, OF
a other security for payment OF any such
r debt. 6. A FULL true and complete
inventory of all such debtors estate al
n the date of such assignment, both real
"a personal and mixed in law or in equity
" where the same is situated, and the en-
cumbrances thereon, and ofall vouchers
l. and securities relating thereto, and thu
N true market value of such estate.
Such inventory or schedule shall b
supported by the affidavit of sucl
n debtor or debtors, statinj
ii that the same is within hi
" or their knowledge, in all respects just
ID true and correct; provided, that sue
list and inventory shall not be conclu
of sive except as against the debtor o
DEBTORS making the same.
D.
M NAV make an assignment for the benz
fit of such of his creditors only, as wi
tv consent to accept their proportional
am share of his estate, and discharge hir
from their respective claims, and i
a. such case the benefits of the assignmer
,r- shall he limited and restricted to tn
nd creditors conserving thereto and sue
debtor shall thereupon be and stan
NO discharged from all further liabiliue
Is, to such consenting creditors, on accoul
ed of their respective claims, ana VINE
raj paid they shall execute and deliver
the assignee for the benefit of the debit
ds a release therefrom; provided, no cree
in itor shall be compelled to execute sal
If release who does not receive one-ha
M of the amount due or allowed in his Il
vor as n valid claim against the estal
ISL Sec. "a Every assignee shall il
aid mediately upon the execute
and delivery of the deed
,ed assignment, give personal notice
Urn each of the creditors OF the asslgnor,
mail or otherwise. Such personal II
the tice shall be written or printed ~
ei%ned bv the assignee in His truss G
for pacity, and shall contain the tollowln
900 The kind of assignment, whether
The tho benefit of creditors generally ~
without preference, or for consentil
ard creditors only, and tho date of its eX
cution. 9. The time in which croditC
, of mu,t rive notice of their acceptance a
ost. file their claim. 3. If the assignee
be for tho benefit of conserving cree
tors only, tho notice shall also state l
aggregate amount OF the asslgnors
All sets and the aggregate amount OF
ave liabilities, together WIN Nm 'no poU ~, en
and dollar of the assignor's iudebtedne
ad- The assignee shall also publish sh
res notice of his appointment in sol
Il Is newspaper published in the cour
+ is where tho assignor resides, or VIII,
i Lo his principal business was q
nre Clucted, or il no newspaper be publish
nm. therein, then the newspaper publish
on nearest to such place OF residence
let. principal business.
the Sec, 5. The creditors Of tho assign
,csi- consenting to the assignment or MI
,on- their claims in case of general ASST
"a in ment, shall within four months OF
ont date of assignment, make known TO
hiii assignee their consent in writing
laws within said time file their claims agar
ann. the assiguor with said assignee, and
iiny ery creditor who fails TO do 80 small
III, receive or take any benefits under
Law ASSIGNMENT; provided, however, !
iipy any creditor who had no actual moi
NJ To of the assignment may make known
nv assent, at any time before the final
r In tribution of the assets undor tho ASST
The ment has been made; provided furtl
we'll that where the assignment is gent
, the and for the benefit of all creditors, cr'
this tors may file their claims with the
inn signee after the expiration of
n IL months, but in such cases the pawn
s Ill of the claims of those creditors shall
ome postponed until the payment in full
v TO the claims filed within the proper u
hat and; provided also, that when the
es of signment is for the benefit of cons
o. ing creditors only the receipts b.
,eng creditor of any portion ofhis claim fl
q TO the assignee shall be conclusive
leoes dence OF tho assent OF such cred. 20
the the terms and conditions OF the ASS
.ciic ment,
Ct to Sc. 6. Every g.ssignee shall be a
valid dent Of the state and Of the count
be a which the assignor resides, or IN "
COM his principal business was condu'
e. in and ne shall forthwith, upon the eN
, fact ton and delivery of the deed OF ass
, the mont, and the inventory and sche
many annexed thereto, endorsed thereon
milo acceptance. and cause tho Same
ct 10 recorded in the county, oil
aud asslgnoe's residence, aud ALSO
en- every county i'll whloh
saws, is any real property stu