The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-03-13

| provided that the assignee snail allow
them or any OF them to take a copy OF any
creditors statement Of his claim that has
been filed with such assignee as herein
| before provided.
| See, IL. Claims that are not due may he
| allowed as follows: II they bear no inter-
| est before maturity their present value
| shall be ascortained by disconnting them
| al tho rate OF interest mentioned In tue
| contract, II any, otherwise at the legal
rate If such claim bear interest before
maturity, which is running at the time the
claim is presented, then TO be treated as
II Il were due.
II any creditor holds collateral security
of less value than his debt the value OF
such security shall be estimated by the
assignee and only the difference between
such estimated value and the amount OF
the debt shall be allowed.
Sec. 10. If any assignee becomes un-
suitable to perform the trust. refuses or
neglects so to do or misrnanages the prop
erty, the county judge or judge of the dis
trct court may, upon application OF the
assignor. or one or more creditors. or one
or more of the assignees sureties, upon
reasonable notice to all parties interested.
by publication or otherwise. as such judge
may direct remove such assignee, and in
case of vacancy, by de6~n or otherwise.
shall appoint another in his place, who
shall have the same powers and be sub
ject to the same liabilities AS the original
assignee.
Sec. II. Whenever an assignee shall have
in his hands funds sufficient to pay 10 per
cent OF the debts due by the assignor. he
shall make pro rata distribution OF the
same among the creditors. and the as
signee shall be entitled to reasonable
compensation for his services not exceed
ing 2is per cent Of the amount. and his
necessary costs and expenses. ana his at
tprupV'S which nttpruay's foes shall
not exceed 2la per cent of the estate, all
to be allowed by the county Judge or judge
OF the district court
Sec. -. Whenever any assignee shall
have fully performed the duties OF his trust
and desires to be finally discharged there
from, he may make rep of his pro-
ceedings under the assignment. showing
the moneys and assets that have come
into his hands, and how the same have
been disbursed and disposed OF. the truth
of which shall be verified by his aft
davit, and such report shall thereupon be
filed aud recorded in the office OF the
county clerk of the county in which the
assignment is recorded. and no action
snail be brought against such assignee by
reason of anything done BY him under
the assignment, as shown by his report,
unless the same be brought within twelve
months from the time of the filing thereof.
us aforesaid: and any moneys or funds
on hand shall be deposited in the district
court, subject to be paid out upon the de-
cree of said court.
Sec. IT, Every mortgage, deed of trust or
other form Of lien attempted TO be given
by the owner Of any stock Of goods, wares
or merchandise daily exposed to sale in
parcels, In the regular course OF business
of such merchandise. shall be deemed
fraudulent and void
Sec. H. Any attempted preference of one
creditor rr1.itOrs Of sllph nSHipnOr q
mortgagor shall be deemed fraudulent and
without effect.
Sec. Is. The receiver SHAH be allowed bv
the court a reasonable compensation for his
services. not exceeding 21e per cent of the
value of TIE assets also reasonable attor-
noy fees, where the employment may
have been approved by the court not oX
coe1ing pa per cent of the value of the
assets. which said compensation and at
torneys fees. together with the costs of
the court, shall be first uaid out Of the
funds in the hands OF the receiver,
Sec. 10. That hereafter when any insol-
vent debtor, or debtor in contemplation OF
insolvency. shall execute n mortgage or
deed Of trust for the benefit of certain
preferred creditors. and shall include in
the list of preferred creditors any creditor
whose claim or account is fictitious or
fraudulent. a receiver Of such mortgaged
property may be appointed by any Judge
OF any court Of competent jurisdiction as
hereinafter provided.
See. 20. Any creditor of such insovent
debtor whose claim has not been preferred
and who desires receiver OF such mort
gagged property may present an application
therefor to any Judge having Jurisdiction of
tie subject matter in either term time or
vacation. Such application shall state the
amount and nature OF his claim. the names
and residence. If known, of all the pre-
nft no.
and MORTGAGE the value of the mortgased
estate. and where situated. if known. and
shall specify the particular claims alleged
10 be fraudulent or fictitious, Such appli-
cation may contain a prayer for an iniunc-
ton restraining such mortgage or trustee
from disp9sing pf the mortgaged property,
pending a final hearing of the application; ;
provided, after any application for the an
pointment of a receiver has been made. any
other of the non preferred creditors of such
lnsolvent debtor may make themselves par
Ties to the original proceedings by filing a
statement in writing. declaring that thcy
support and adopt the oririnal application
as presented. and that they make them
selves equally liable with the original an
pilcant or applicants, and upon the filing of
such ancillary application the parties there
10 snail he held equally liable with the or
isinal applicant or applicants for all dam
ages and costs that may be adindgcd
against them or either OF them. upon final
hearing.
Sec. u. Upon presentation of the appli-
cation herein provided for the judge having
Jurisdiction thereof shall direct that a cita-
ton be issued and served upon the mort
sasor and mortgagee, and the creditor or
creditors whose claim or claims are al
ieeed TO he fraudulent or fictitious, COM
manding them and each Of them to appear
on gay certain to answer such applca-
Ton. The citation provided for in this see
tlon shall be executed and returned in the.
manner provided by law for the services of
citations in other civil suits. and the pro
ceedings hereunder shall be governed by
the rules governing other civil actions; FRO
vided that five days service of citation shall
! be sufficient
Sec D. should such application contain
a prayer Tor Injunction. the Judge to which
the same is presented shall issue a writ
oil injunction, restraining the mortgagee or
trustee IRON further action under the mort
gage or trust deed, and from selling or
otherwise disposing of such mortgaged
property, pending q hearing of such m