Evening journal., 1895-02-07
BENEFIT or CREDITORS
A Bill Regulating Assignments
Introduced.
LAWs rOR INsoLYgNr DEgIORa.
An important Measure Affecting the
business Pablo Generaiiy--Repssea ta-
tive walker Presents tho Bnl-Fuli
Text o. the Act.

tive walker Presents tho Blll-Fuli
Text o. the Act.
star Correspondence Evening Journal.
DOVER, Feb. z Representative
Walker has introduced an important act
regulating assignments for the benefit 0
creditors It's provisions are as fol
iowsi
Section /. Tast every assignment
made by an insolvent debtor, OF Ia
contemplation ofinaovency, for the ben
eft uf hts creditors, shall provide sxceps
as herein ofhsrWiRe provided for distfi
button of ali his real aud peraonal estate
other than thst Nhieh Is by lsw exempt
fr5m execution snong oil his creditors Ia
proportion To their respective claims, and
however made or expressed shall have
the ffecb aforesaid, and snail be con-
siruod 60 pass al such estate whether
spscih thf rein or not. snd every as
signment shall be proved or ackno Nlsdged
aud certified and recorded tn the same
manner as is provided by law ia con
geyances Of real estate or other prep
erty
Section 2. The debtor shall annex
10 such assignment an inventory con
tanning the following statement;
"a A full ard true aeconnt Of ali
the creditors Of such debtor or debtors
-. The place OF reaidencs Of each
creditor, II known to such debtor on
debtors, and il not known, that fact 70
be stated.
"3 The sum owing to each creditor
and the nature Of each debt or demand
whether arising on written security,
account or otherwise executed
"a The true cause and consideration
OF such indebtedness 10 each case and
the place where such Indebtedness arose
IS. A statement OF any s1istl &
Judgment, mortgage. collateral OF other
security for the pay msnt " any such
debt
.G A full and true inventory Of all
such debtors estate at che date 81 such
assignment, both real aud personal, la
/ law OF Ia equity, and the incumbrahces
existing therein, and Of all yodchsTs
aud securities relating thereto. aud the
value OF such estate according to the best
knowledge Of such debtor or debtors
~ An affidavit ehal be made By such
debtor or debtors and annexed to aud
delivered with such inventory or schedule,
7 that the same Is Ia all re poets iast aud
true according 10 the best Of suen debtor
or debtors knowledge and belief
Nothing cJntaiued IN this act shail
| affect the assignor's right 10 retain all
such 81 his property as Is by the consti
tntion and lawsof this state exempt from
execution. but such fist aud inventory
shall not be conclnsiFe except as against
the debtor making the same
Section Any debtor, desiring SO "a
do, may make an assignment for Che
benefit OF such OF his creditors only a.
will consent 20 gccept theif proportional
share. Of bis estate and discharge him
from their respec ives claims, and ii
sucb case the benefits Of his assignment
shall be limited and restricted to th'
creditors eonssnting theFebo the debtol
shall aaereupon bs and stand discharged
from eli further liability to-such con
senring creditors, on account ot tnsil
Respective olaiMs, aud when paid iheJ
ehan execute aud deliver 20 the signee
fer the debtor, release therefrom
Section Every assignee shall
Within thhty days after the execution oi
the assignment, give public notice Of bii
appointment in some newspaper PRINTED
ia uhe county where the aasignor resides
or where bis principal bust less Wal
hshea fer thren successive weeks, and 81
far as he can the assignee shall also Civ
psraoual notice By mail 20 each OF th
lerediEcrs of the assigning debtor.
Ssotion 5. The creditors Of the rs
eigpor oonsenting 20 such an assignmen
shall make known to ths assignee thei
consent in wri ing, within four month
after publication OF the notice provide
tfn .r.s4a44Tas aaaNfnas 4ssN ~. arafi -,
not asserting Hhsll receive or take an
benefit under the assignment provided
however, that any creditor who had u
/ actual notice OF such assignment, ma
y | make known his assent at any time be
I fore any distribution Of sfsats, under th
assignment hes been made aud pr'
glded further, that the receipt BY
creditor Of any portion OF his claim frol
I. the assignee shall be conclusive evidene
L Of the assent Of Ruch creditor 70 I'll
assignment
Section The assignee shall fort.
With sitter the execution and delivery
/. THE deed Of assignment. cause tho san
% he recorded Rg herein provided, au
shall execute a bond with securities 60 /
approved by tle chancellor, ID double q
amount of the estimated valae Of ca
property assigned SIS aforesaid, eaid bon
to bs conditioned that he Wi
faithfully discharge bis duties as 20,
4 assignee, pnd that be win NAL
proportional distribution Of the b
Y proceeds OF said estate amor
+ al creditors entitled thereto, wha
bonds shalt Be payable u the State
p Delaware ana hied in the office of d
-e register in chaucery of his county. q
shall insure to the bsnedtof the assign
70 bnd the creditor or creditors who m
oi maintain an action against ageh assign
thereon, in bis or their own name joint
q or aeverally, for any breach thereuf
4 violation Of this law by reason og Will
assignor OF creditor shall susta
Is damaee. ard upon the filing u said bo
ar the assignee shall take pusss ssion Of &
assigned property aud proceed to exscr
d. tine assignment
II Section Every creditor csnsentiog
.r an assignment shall, within six mont
from the time of the 6rst publication
TO- the notice OF sppointment % {
10 assignee, Gle With such assignee
.o- distinct statement of the particu
nature and amount % hts claim agal1
h. the deb or which shsll bs supported
of an eiidavit Of the creditors, his agent
fr attorney that fhp efafamont fe ari