The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-03-30
CIlaptar S2H.


Chapter S25.
AN ACT to amend Chapter seventy of the
Revised Statutes, relating to Insolvency
Section i. Section fourteen of chapter
seventy of the revised statutes, is hereby
amended by striking ont the word .'and'
after assistants In The last line, and add
ing to said section the following word
required majority shall mean majority in
number OF creditors, each of whose debts
ing three-fourths of all the Indebtedness,
and commencement OF proceedings shall
mean the date OF tie filing of the petition
by or against debtor, SO that said section,
as amended, shall read as follows:
Section 4. IN this chapter the words
"assingee," "creditor,'' and debtor in
includes his assistants; The word "sheriH'
includes deputy sheriffs; required major
ity'' shall mean a majority in mum Der Of
creditors, each Of whose debts exceed fifty
dollars and of creditors holding three
fourths of.all the indebtedness; and "com-
meneement of proceedings" shall mean the
date of the filing of the petition by or
against the debtor
Section Q. Section fifteen of said chapter,
Is hereby amended by adding to said section
the following words: HE shall file with his
petition full schedule of all creditors, with
their places of residence and the sum due
to each, so far as the same is known to the
the Indebtedness and statement of any ex-
listing mortgage, pledge or other collateral
security given to secure the same, and
full list of all his assets with brief deserip-
ton Of all real estate or interest in real
estate owned by him, and the place where
the same is situated, SO that said section
Section Is. Any inhabitant OF the state
owing debts contracted while such inhabi-
f tan may apply by petition to t5s Judge
ting forth his inability to pay all his debts
and his willingness to assign all his estate
and effects not exempt by law from attach
benefit of his creditors. and praying that
such proceedings may be had in the
premises as are provided in this chapter.
He shall file with his petition full schedule
of all creditors, with their places Of resi-
dence and the sum due to each, SO far as the
same is known to the debtor, together With
the consideration of the indeb tedness and a
statement of any existing mort2 age, pledge,
or other collateral security given to secure
the same, and a full list of all his assets,
with a brief description of all real estate or
interest in real estate owned by him, and
the place where the same is stu ated.'
Section g.. Section sixteen of said chapter,
thirty six of the public laws of eighteen
hundred and eighty-nine is hereby further
amended SO as to read as follows:
section Is. Ii il appears to the Satisfac-
ton of the judge that the unsecured debts
due from the applicant amount To not less
than three hundred dollars. he shall forth
sheriff Of the county or either of ais deputies,
directing him forthwith as messenger to
take possession of all The estate, real and
personal, of the debtor not exempt from
attachment, and of ali his deeds. books of
account and papers relating to his property
and estate, and safely keep the same until
the election or appointment OF an assignee;
to publish notice in such newspaper as the
warrant specifies, and give such otlier ll9tice
as the judge directs, to all creditors upon the
schedule furnished him by the debtor, which
notice shall state:
l. That warrant has issued against the
estate OF the debtor.
IL. That the payment OF any debts. TO or
by said debtor, and the delivery and trans
ter of any property by him are forbidden.
Ill That meeting OF the creditors, to
prove their debts, and in case there are
assets sufficient to authorize the same. to
choose one or more assignees of his estate,
viii be held at a court Of insolvency at a
time and place designated Ill the warrant,
not LESS than ten nor more than fifty days
after the issuing of the same
Section 4. Section twenty of said
chapter, is hereby amended by adding
thereto the following words: And any cred
itor who has accepted a preference contrary
to the provisions of this chapter shall not
be permitted to vote for assignee, nor shall
his claim orssvote be considered in any petit
ton, or other proceedings, except that he
shall be allowed his percentage OF any. divi-
dent paid upon filing with the register a
discharge of his security and proving his
claim against the estate as a unsecured
debt So that said section shall read as
Section 90. A person who has accepted
any preference, knowing that the debtor
was insolvent or in contemplation of inSol-
vency shall not prove the debt on which the
prefence was given, not receive any divi-
dend thereon until he surrenders to the
assignee all property, money, benefit or
preference. The assignee after demand,
may recover back by &C ton of assunpit,
from any creditor whose claim is disallowed
in whole OF in part, any dividend or pro-
portional part thereof, paid to such creditor
before such disallowance. And any credi-
tor who has accepted a preference contrary
to the provisi ons of this chapter shall not
be permitted to vote for assignee, nor shall
his claim or vote be considered in any petit
ton, OF other proceedings, except that he
has been allowed his percentage of any divi-
dend paid upon filing with the register of a
discharge of his security and proving his
claim against the estate as an unsecured
debt
Section 5. Section thirty lone of said
follows:
Section 81. If there are no assets, no as
signee shall be elected, unless a written mo-
ton for such election shall be filed by some
creditor, which he may do at any time, and
shah therein state upon oath that he has
reason to believe and does believe that
there are undiSclosed assets, or, that the
value of the assets, as stated by the debtor
in his list so furnished, are grossly under
valued which property and interest shall
be stated SO far, as possible by said creditor:
If the assets not claimed as exempt do not
exceed one hundred dollars, no assignee
shall be elected, unless the judge orders,
but the debtor shall, at said first meeting,
assign, convey and deliver to the register of
the insolvent court all his real and personal
estate, rights and credits, not exempt from
attachment and seizure on execution, to
be disposed Of by said register as provided