The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1902-08-01
'i NrF'' NpIli q" l''-.D
IL ia enacted by the General Assembly


Common Law For the Benefit OF Cred
itora.
Passed April 3, 1902
II is enacted by the General Assembly az
follows.
'or tho benefit Of creditors upon appllca-
ton To the appellate division OF the su-
prcmo court by ouc-dfth lu amount Of the
creditors Of the assiguOr may hc required
by said division tu give bond 20 the APP
pellato division of the supreme court
with good and sufficient surety, 20 be ap-
proved 10y the court. In the amount OF the
total value OF all property conveyed by
tho deed ~ assignment conditioned on
the faithful performance Of his duties
All such bonds shall bc tlcd I'm the office
OF tho clork OF the appellate division. and
may he sued upon In the proper court at
tho relation Of any party interested or
nggricvCd, upon surety for costs being
given 10 the court i'm which such suit Is
brought joint assgncps may give Joint
or several bond; and any assignee SO re
quircd 10 give bond failing To give such
bond I'm manner aforesaid shall bc deem
ed TO have resigned or refused his trust
Sec. .. Every person making an assign
mont at common law for the benefit Of
creditors shall file with his assignee a
sworn ltemi2ed schedule of all his as
sets showing the amount and kind OF his
property, whore located and the cash val
ne thereof 20 tho best of his knowledge
aud belief and q list of his creditors
stating their names. residences and the
amounts due each OF them. and the evi-
dcnccs thereof and securities therefor II
any. held by them.
Sec 3 Evcrv such assignee shall forth.
with cause said decd of assignment 20 be
recorded I'm the registry Of deeds I'm each
town or city In which there may hc real
estate ot the assiguor on which II may
operate. and in any event i'm the registry
OF deeds " the town or city where such
osslgnor resides or Is located. and shall
forthwith give public notice OF his uuali-
tcatipu with notice 10 all creditors 20
present claims and all debtors 10 make
payments TO such assignee. IN some news
paper published I'm the county I'm which
such assiEnor resides or Is located. and
such assignee shall forthwith also notify
creditors 10y dopostiug like notice In the
United states mail postpaid. and direct.
eel 20 such creditors at their respective
addresses us they appear i'm tho schedule
made by the assgnor and filed with the
assignee. ANY such assignee may he re-
moved by said appellate division. for
cause shown, upon petition OF one-dfth I'm
amount of the creditors and upon at
least five days' notice 10y mail, postpaid,
directed 20 all creditors az theiV rcspec-
tive addresses, as aforesaid. and directed
90 said assignee In case OF the death.
resignation, or removal OF any such as
sigucc. a successor may be appointed by
said appellate division upon the petition
Of any person Interested, with like notice,
as aforesaid, to all such creditors and to
such asSiguor.
Sec. 4 Every assignment az common
law for the benefit OF creditors shall he
effcctual to dissolve any attachment.
levy, or lien placed upon the property of
the assignor not moro than four months
prior 60 the making OF such assignment
and the costs i'm full ot such attachment
levy or lien shall constitute u preferred
claim against tho assigned estate as part
of tho costs OF Misunderstanding the trust
Tho property affected wholly by such at
tachment, levy. or lien shall be deemed
discharged and released from the same
and shall pass 20 the assignee rs part
" the assigned estate, and the appellate
division OF the supreme court may order
such conveyance MS may be necessary 60
carry the purposes Of this action into cf-
feet: Provided. that nothing herein con-
tanned shall have tho effect 60 destroy or
impair any title obtained 10y such attach
mont. lcvy. or dcn by a bona nde pur-
chaser for value who shall have acquired
the same without notice or reasonable
cause of enquiry.
sec g. No such assignee shall sell any
property of his Rssirnor except perish
NhIe EonNSi oT IN continuation OF lnf hNNl-
ness ~ the aSsignor IN It's ordinary course
and without power 90 purchase new stock
or 60 incur other than necessary expense
for keeping the business along. without
giving 40 least ten DAYS notice to all
creditors 10y mail post paid directed O.
such creditors at their respective sd
dresses as they appear IN the schedule
made by the assiwror and stating that
such property viii hc sold at public auc-
tion at given time and place. and such
assignee shall also give like notice of such
auction sale in some public newspaper
published In The town or city. or 90 none
be thcrC published. In some public news
paper published in the county whore such
auction sale Will ho held rrovid 4. that
private sale az a fixed price may De made
by consent OF nll creditors named in such
schedule or hy order ~ the appellate
division " the suprsrnc court rn'n appll-
(Co sAfi 90 ftSili eaSs.)