The comet. (Johnson City, Tenn.) 1884-1916, 1895-01-10
MEASURES
Committee of Fifteen Draft
a Number of Bills.
A Law Proposed to Regulate AS,
signments in This State.

last night at the Ohamber OF Com.
merce Of the committee OF fifteen on
general legislation affecting the inter.
ests OF Nashville merchants and 9th.
ers. Hon. 7. j. Tyne presided.
The first bill considered was one to
define, distinguish and regulate as.
signments, and to secure the just and
equal distribution of the property of
debtors who make assignments of all
or part of their property, and to pre-.
vent debtors from giving preference in
assignments. The bill provides that
an assignment of all or practically all
the property OF a debtor for the benefit
Of one creditor, some creditors or all
creditors, shall be held general as.
signment, whether the face states it
to be general, special or partial, or
whether it is silent; that the question
whether all or substantially all the
property is included shall be deter.
mined by the courts, whatever the
instrument may say on the subject; /;
that the preference OF creditor or
creditors in general assignments shall
be illegal and void &C far as that pro.
vision goes, but the assignment shall
be considered legal, and general as
signment; that any partial or special
assignment, mortgage or deed OF trust,
or other conveyance of part
of a debtors property for the benefit Of
any particular creditor or creditors
within sixty days preceding a general
assignment as defined in the first sec.
ton, shall be presumed to have been
made in contemplation of such gene
raj assignment, and shall be iraudu.
lent and void, and such property shall
by proceeding in the chancery court
be given over to the assignee for dis.
tribution with the other property
that any confession of judgment or
permitting judgment by default with.
in sixty days of general assignment
which shall fix lien on any OF the
debtors property shall be presumed
to havebeen given, taken and obtain
ed by collusion and fraud and shall be
fraudulent and void; that an assign
ment for particular creditors of a par
OF the debtors property substantially
less than all or substantially less thar
q greater part-this to be determined
by the courts, shall be construed as 6
special assignment; that assignments
mortgages and deeds OF trust for {
particular creditor or particular cred
itors of all or substantially all OF {
debtors property on the same day o,
on different days by several distinc
papers or instruments, within sixty
days from the first, such instrumen
shall be fraudulent and void and 81. al
be set aside, such property being solC
by the court and the proceeds distrih
uted ratably among the creditors
that this act shall not prevent debto
or person making mortgage. Sal
ordered OF trust to secure the pay
ment OF purchase money or none,
loaned, if the paper be acknowledged
, executed and registered at the date o
the purchase, or of borrowing tn
money; that the homestead and othe
property exempted by law shall not b
taken into account with the propert
included, unless such property is b
: the terms of the instrument en-
braced by the consent OF all person
! entitled to such exemptions dnly an
1 legally given as provided by law.
This bill was discussed in full an
ordered presented as this committee
bill to the incoming Legislature.
Taxation, privilege taxes, etc., ws
then considered and the matter refe
red to a special committee, consistin
of James Trimble, A. s. Williams an
R. W. Turner, with instructions to r,
;, port a bill next Friday night.
The committee recommended to Il
n Legislature the passage of bill
# abolish days of grace, as follow
That on all notes, drafts, checks, a
ceptances, bills of exchange, bonds
other evidences of indebtedness mad
. drawn, or accepted by any person
9 corporation after this act shall tai
effect, and in which there is no e
pressed stipulation to the contrary, /
4 grace, according to the custom OF me
chants, shall be allowed, but the san
4 shall be due and payable, as there
expressed, without grace.
- The matter OF .he act regulating Il
business of foreign corporations, !
D. quiring them to- file an abstract
- their charter in every county whe
: they do business was referred to
!. committee consisting OF S. A. Cha
pion, w. G. Sadler and R. H. Dudl
with instructions to report bill ne
. Friday night.
A hin was suggested to limit protI