Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-02-14
AN IMPORTANT MEASURE.

tcHcrAi Assembly py hoProsp"S'S
Walker.
Special Correspondence of Gazette and journal
DOVER, Feb. s.-Rcpresentative
Walker has introduced an act regu..
| lating assignments for the benefit OF
creditors. 1t was sent here by Willard
Salisbury and is as follows:
Sec. /. That every assignment made by
| an insolvent debtor, or in contemplation
| of insolvency. for the benefit OF his
creditors, shall provide, except as herein
| otherwise provided, for Distribution OF
all his real and personal estate other than
that which is by law exempt from eSecl'
ton among all his creditors in proportion
| to their respective claims, and however
made or expressed shall have the effect
aforesaid and shall be construed to pass
all such estate whether specified therein or
not. and every assignment shall be proved
or acknowledged and certified and recorded
in the same manner as Is provided by law
in conveyances of real estate or other
property.
Sec g The debtor shall annex to such
assignment an inventory containing the
following statement:
First-A full and true account Of all the
creditors of such debtor or debtors. .--., .
Second-rhe place of residence of each
creditor, If known to such debtor or
debtors, and it not known that fact to be
so stated
Third-The sum owing to each creditor
and the nature of each debt or demand,
whether arising on written security &C.
count or otherwise executed. liz
Fourth-The true cause and considera-
ton of such Indebtedness in each case and
the place where such Indebtedness arose.
Fifth-A statement of any existing judg-
ment mortgage, collateral or other security
for the payment OF any such debt.
SiXth-A full and true inventory of all
such debtors estate at the date of such
assignment both real and personal. in law
J or in equity and the membranes exist
ing thereon, and of all vouchers and
securities relating thereto and the value OF
such estate according 10 the best knowledge
of such debtor or debtors
Seventh-An affidavit shall be made by
such debtor or debtors and annexed to and
delivered with such inventory or schedule
that the same is in all respects just and
true according to the best of such debtor
( or debtors knowledge and belief. Moth
. ing contained in this act shall affect the
assignor's right to retain, all ouch OF his
/ property as is by the Constitution and laws
of this State exempt from execution. but
such list and inventory shall not be con-
: elusive except as against the debtor max
ing the same.
\ Sec. 8. Any debtor, desiring so to do,
/ may make an assignment for the benefit
of such of his creditors only as will con,
' sent to accept their proportional share OF
/ his estate and discharge HIM from. theil
/, respective claims, and in such case the
:. benefits of the assignment shall be limited
. and restricted to the creditors consentins
q thereto the debtor shall thereupon be anc
. stand discharged from all further liability
il to such consenting creditors, on account Of
J, their respective claims and when paic
1 they shall execute and deliver to tht
assignee for the debtor, release there
I, from.
d Sec 4. Every assignee shall within 81
days after the execution of the assignment
give public notice of his appointment il
some newspaper printed in the count,
where the assignor resides, or where hi
is principal business was conducted, which
l. notice shall be published for three success
sive weeks, and so far as he can the as
" signee shall also give personal notice o
n notice by mail to each of the creditors o
ii the assigning debtor.
le Sec. 5. The creditors of the assignor con
Y. senting to such an assignment shall max
10 known to the assignee their consent il
IN writing, within four months after publica
DO ton of the notice provided in the preceo
W ing section, and no creditor not assentin
ID shall receive or take any benefit under tn
is assignment, provided, however, that an
~ creditor who had no. actual notice of sue
e. assignment may make known his assent O
10, any time before any distribution of asset,
It under the assignment, has been made, an
H. | provided further that the receipt by
N. creditor of any portion of his Claim froI
NJ the assignee shall be conclusive eyidenC
al of the assent of such creditor to the a
~ signment.
Sec. g. The assignee shall forthwith
Of after the execution and delivery of Oh
As deed of assignment, cause the same to /
C. recorded as herein provided and shall e.
OF ecute bond with securities, to be al
ry proved by the Chancellor, in double I'll
n amount of the estimated value of I'll
n property assigned as aforesaid, said bon
" to be conditioned that he will faithful
discharge his duties as such assignee an
On that he will make proportional distribl
a ton of the net proceeds of said esta
ire among the creditors entitled theret
ty which bond shall be payable to the Sta
,er of Delaware and filed in the Office of u
ire register in chancery of his county, al
" shall inure to the benefit of the assign,
ID. and the creditor or creditors, who ms
rd, maintain an action against such assign
nd thereon in his or their own name, joint
lie. or severally, for amy breach thereof
at violation OF this law, by reason OF whiC
such assignor or creditor shall susta
Ice damage, and upon the filing of said hoi
the assignee shall take possession Of Il
an assigned property and proceed to execu
ap- the assignment.
nv. Sec. Z. Every creditor consenting to 1
nix assignment shall, within six months fro
be thu time Of the first publication of Il
notice of appointment Of the assignee, fl
for with such assignee Il distinct statement
ell, the particular nature and amount of
30; claim against the debtor, which shall
,es, supported py an alnuavlt OF tile crealtt
AK his agent or attorney, that the statement
res, true, that the debt is just and that the
tlr. are no credits or offsets that should
the allowed against the claim, except as shoy
10 by the statement, and no creditor sh
ia . take any benefit under the assignme
,re whatever who neglects to file such sta
liel ment.
Sec. S. Any creditor not consenting
the assignment may garnishee the assign
So for any excess of such estate remaining
his hands, after the payment of cunsel
as ing creditors, the amount of their del
'nts and the costs and expenses of executi
the assignment.
the Sec. 0. All property conveyed or trai
for ferred by the aSsEnor previous TO and
IN contemplation of the assignment with
intent or design to defeat, delay or
fraud creditors, or to give preference
: ss- one creditor over another shall pass to
IN assignee by the assignment, notwithstai
rs ing such transfer and the assignee or,
lci- case of his neglect or refusal, any credi
pre- or creditors may III MS name, upon SEC
in ing such assignee against cost or liabili
sue for, recover, collect and cause
same to be applied for The benefit
the creditors as other property belonging
ON the debtors estate i'll the hands of the
live signee; but if it shall appear.in such act
ON that the purchaser Of any such prope
mat bought the same of the assignur in &
ing, faith and for d valuable consideration /
rect, without any reason to believe that
iner debtor was conveying or transferring
ken ,xtth tho iitp dasiuu nfDfn9,