The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-04
. lis, Of his creditors stating their name.


residences. and the amounts due each
OF them. and the evidences thereof and
securities therefor. III any. held by them.
which order IL not compiled with. ma y
be enforced by proceedings in contempt
Sec y. IL "A cOpartnership or all the
members thereof. be- insolvent. either dur.
ing the partnership or after IL has been
dissolved ard before the final settlement
OF the partnership affairs. the affairs OF
such partns ship shall be settled in in
soivency. uron the voluntary petition OF
any or all OF the members OF such CO.
partnership, or upon petition preferred by
creditor or creditors Of the copartner-
ship as provided in the case OF individual
debtors: Provided, that whenever a pc
tition shall be preferred by one or more,
but not all. members OF such copartner-
ship. the copartnership shall be adjudged
insolYent only after like notice to the
partners who have not Joined in such pc
titiOn. and for the same causes and upon
like proceedings az I'm this chapter pro-
vided In the case of involuntary proceed
ings
The partnership creditors shall choose
the assignee. In other respects the estate
shall be administered i'm the same way so
far as possible. az herein provided for
other estates. The papers in such case
shall be filed I'm the clerks Office in the
county In which the copartnership may
may be or reside but IL such county be
Providence, Kent. or Bristol the papers
shall be filed i'm the clerks Office In Provi-
dence. and on the petition first filed in
such case the court shall have Jurisdiction
Of all the partners and the administration
Of their copartnership and individual as
sets Separate accounts shall be kept OF
partnership and individual assets. respec-
lively. in such proportions as the court
may direct The proceeds of the partner
ship assets shall be first appropriated 10
the payment OF the partnership debts, and
the proceeds OF the individual assets OF
each partner first TO the payment OF his
individual debts. Any surplus from the
individual assets remaining after the pay
ment of the individual debts shall be
added to the partnership assets and ap-
piled to the payment of the partnership
debts. Any surplus from the partnership
assets, after paying the partnership debts
shall be added TO the assets of the indi-
vidual cOpartners in the proportion OF
their respective interests I'm the firm as
sets. and applied TO the payment OF their
respective Individual debts.
Sec. "A. Whenever any one or more but
not including all. OF the members OF
partnership shall be adjudgcd individually
insolvent and said partnership is solvent.
either the assignee or the solvent mem
bers OF said partnership may file bill in
equity (the assignee against the solvent
members OF said pa tncrShip. or the solv-
ent members Of said partnership against
the assignee who for all purposes of this
section shall represent all the creditors of
his assigror) setting out the facts and
praying the court that the value of the
interest of such insolvent or insolvents In
said partno rship may be determined
through the intervention Of a master In
chancery to be appointed in said cause
CT
pointed shall determine the value of such
interests. ard his report, when confirmed
by the court, shall be conclusive az be
tween the parties and the creditors rep
resented as Cforesaid by the assignee; and
the solvent partners shall have the right.
If they so elect. to purchase such interest
at such price. and to have a decree com
pelling such assignee to convey such in
terest on payment of the value so de-
termined. and such assignee shall be JUS
titled and protected in selling said interest
at said price. first Offering ii to the solv-
ent partners, and thereafter to such per-
son or persons as may desire to purchase
the same But after said value is so
fixed as aforesaid. and such solvent part
ners do not elect to purchase the same.
such a,ssignca shall be justified. after MAX
ing such offer to said solvent partners
and their neglect to accept the same for
the term of ten days. to put up the in
terest of the insolN MT at public auction
and dispose OF the same to the highest
bidder.
Sec 25 All suits. actions. and proceed
ings in any court of this state. founded
upon the claims from which discharge
in insolvency shall he "A release and pend
ing at the time of the filing OF the petit
tion i'm insolvency, shall be stayed until
the debtor shall be .adjudged insolvent or
the petition shall be dismissed If he be
adjudged insolvent. execution shall be
stayed until the question of discharge of
such insolvent is determined. And the
court sitting in insolvency may at any
time order the assignee to enter his APP
pearance as defendant in n pending suit
in which case the same shall be proceeded
with To final judgment. The assignee may
also under the direction of the court
prosecute. assignee. any action, suit
or proceeding commenced by the insolv-
ent prior to the adjudication and with
like effect as IL the same had been com
menced by him. A discharge. when
granted may be pleaded in bar to any
such action or proceeding to which IL Is
n bar hereunder. or operate as a final dis
charge of any execution before granted
Sec 26. If a person has been adjudGed
an insolvent. the court may proceed with
the case or at any time refer IL generally
to the register with instructions .thc
case. to act. examine. and report upon all
matters specified. The court NAV at any
time recall the case from the register and
proceed with the same.
Sec % The death or insanity of an in
solvent shall not abate the proceedings
which have been instituted. but the same
shall he conducted and concluded in the
same manner. so far possible. as
though he had not died or become in
sane: Provided. however. that in case OF
death the expenses OF the last illness and
the funeral expenses of the deccdent. and
the statutory six months support OF his
family. shall he preferred claims coming
in order of payment next before debts
due the United States.
OF CLAIMS AND THE PROOF THERE
OF.
Sec 2S. Debts OF and judgments against
the insolvent may be proved and allowed
against the estate. which are owing at
the time of the filing OF the petition by
or against him whether then payable or
not. with any interest thereon which
would have been recoverable at that date
or with a rebate OF interest on such as
were not then payable and did no. bear
interest; also any claims against the i'm.
solvent which may be liquidated after the
filing Of the petition. and growing out Of