The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-01-21

hn eo,ynressed. shall be held ana cons 5tnrs
w oHnrcv for the benefit OF all creu.'o,
70 e eUnb iebtor all of his properly MOI oM
VI n,a,toJ .hy the constitution ana ia"s 'LV
mod sale Defines an insolVeht ueu.Ji
Loi ,,';,;ng the assignment to be achhoM'
le HliaI I'm and recorded, provides for a con-
~ inventory to be sworn TO anu VA.
p ith, ~ - per cent of the claims Oh NV
o mn. creditors shall be paid requires
o"oditors TO execute releases. Section
nroviJcs that within ten days notice III u
nnwsnaper of the appointment OF assisn T.,
yboll he made also personal notlCe VI ~
mail 10 each of the creditors. Sec'loh
that within four months creditors may ac-
cent mnder the assignment. Section D. eN
ory assignee n resident of the state anu
rho county where principal property Is
situated provides that within tlve days
assignee shall give bond in double the
"stimotnd value of property conditioned
for the faithful performance OF ms duties
relating to the benefit OF the asslshor ahf
the creditors provides Tor the removal Vi
the assignee in case OF fraud or ihe "r
| pointment of one in case OF fallure "
qualify by the district judge, etc. sec,
ton I provides that the creditor Shall
serve to his claim giving distinct state
ment of the particular nature ana the
amount. Section 5 provides for assignee
by any creditor who prefers not TO take
under the assignment. Section y provides
that all property conveyed or transferred
by the assignOr previous to and IN contem-
plation of the assignment with the intent
or design to defect delay or defraud credi-
tors are to give preference to one creditor
over another shall pass to the assignee
by the assignment and any creditor III case
of the neglect of the assignee may sue
for and recover the same. Section 10.
that the court may on the application of
the assignee or of creditor or without
such application at all times requires up
on notice the assignor or debtor or any
other person to attend and submit to an
examination on oath all matters relating
to the disposition made or status of the
property of the estate assigned. Section
IL, if an aSSignor shall secure or conceal
from his assignee any portion of his prop
crty or shall previous to, and in cOntem
platiOn of an assignment transfer any
portion of his property with the intercs
or design to defraud his creditors, shall
be guilty of Il felony and upon conviction
shall be punished in the pcnitentiary fo
not less than two years nor more THAI
five years. Section II. provides that tn,
nsSignor or other creditor may in sixty
days after the expiration of the time with
IN which the creditors are required to filt
their statements institute suit in the dis
trlct court or county court of the county
to set aside any allowance by assignor OF
restrain the payment of any claim and
try the justice or validity of any claim
section IL. if any creditor holds collateral
security of less value than his debt. the
value shall be estimated and only the diff.
ference between such value and the
amount of the debt allowed. Section IA
provides for the removal of assignee in
case or incompetence, etc. Section IL.
PROVIDES Tor the cost of the assignment
ana the disposition of the assets Section
III provides for the closing of the assign
ment when the trust has been accomplish
ca by report to the court etc Sections
Il and Is provides that every mortgage
deed OF trust or other form of lien m.
any attempted preference of one creditor
OF creditors as shall be deemed fraudulent
ana without effect. OF course this apnlirs
10 an lns0lyent debtor or one contemnlot-
ing insolvency. Section 10 provides that
within five days after an attachment tho
debtor may make an assignment as boro-
in provided. '' i'ie'
Section % nroridos .ho.
being insolvent shall con 'sal u deDtor
do any act or mako o' anr Juugment or
where one or more Of Ih Ky eon'eSahce
tanned preference on i ~ ttleultorS Oh
within five DAYS nftor vi ot ~ ne shall not
writ or process mako an "'. oSa;D OF any
one or more of his c "oS aSsis lllllcht any
petition in the .distrint et nos may ME
question of insolvonn,' o roILi 10 Try the
point receiver 70 o'' oar, ANU lne court ap-
for the canal bnnofit 81 LII ~, tle assets
Sections u % and 81 c,i lme creators.
of any insoirontt 'J tues Tor
makes CONVEYANCE With 'f ;mto ueo'or VINO
fraud creditors ar IN ',ir ,'''irs. To de-
This bill provides for 1 fbo -. prelefance..
Of our present law nv .tronnt tihaaellhcnt
provision, enlarrinr tIo , na.ES ITS
courts over bills Of discoTo oMe,n 81 the
ding the features that nroL;, Hnu ny ad-
ferring of creditors and III; ,oiI .Lc pre-
turc is really the only cnnt t.,s iatl9r lea-
ton and constitute y, eon.[oVerted queS-
inc ont IF t5is tie only issue grow
propose to f;"bt 4 th;. Inc body that
to cont;nuo tho nrnso''t 'aoui', WHO desire
ward with tho pnusenl system, came for
signmcnt Inv tn p'bb a n that our as
to prohibit nreforo ON aliie IT, but that
change, This is alr'o is 100 radical
TO meet. rs ofton ' tho a dlfhcult move
measure is noS in 'nr raal enemy of the
the noonle w ront's as us TREND, What
abolish this n ",.i ms Understand. is to
this usin~ Of brotLon. creditor outrage,
sisters and onnts ,V CIV II. iatners cousins,
swindlin~ tho I hon aot tne purpose often of
NOT wbero ho l;nom ie>t nv creditor, 1t matters
upon This iSsno - i III iliS Is the issue, and
am no stickIor far VIII ne fought out
details inst 60 tbo ny DIE ! care not for
cd If mus 5uS' so .hat the object is attain
Sov ca ma -; 'il'ol system, let him