Year: 1867

all suits at law or in equity, pending at


the time of the adjudication of bankruptcy, in


which such bankrupt is party in his own


name, in the same manner and with the like


effect as they might have been presented or


defended by such bankrupt; and copy duly


certified by the clerk of the court under the


seal thereof, of the assignment made by the


judge or register, as the case may be, to him


as assignee, shall be conclusive evidence of


his title as such assignee to take, hold, sue


for, and recover the property of the bank


rupt, herein before mentioned but no


property held by the bankrupt in trust shall


pass by such assignment. No person shall


be entitled to maintain an action against an


assignee in bankruptcy for anything done by
him as such assignee, without previously Civ


ing him twenty days' notice of such action.


specifying the cause thereof, to the end that


such assignee may have an opportunity OF
! rendering amends, should he see fit TO do 80.
No person shall be entitled, as against the


assignee. to withhold from him possession of


any books of account of the bankrupt, or


claim any lien thereon and no suit in which


the asst signee is party shall be abated by his


death or removal from Office, but the same


may be prosecuted and defended by his sue


cessor, or by the surviving remaining assign


ee, as the case may be. The assignee shall


have authority, under the order and direc-


tion of the court to redeem or discharge any


mortgage or conditional contract, or pledge


or deposit, or lien upon any property, real or
personal, whenever payable, and to tender


due performance of the condition thereof, or


to sell the same subject to such mortgage,
lien, or other membranes. The debtor


shall also, at the request of the assignee, and


at the expense Of the estate, make and exc


cute any Instruments, deeds, and writings


which may be proper. to enable the assignee


to possess himself fully of all the assets of


the bankrupt. The assignee shall immedi-


ately give notice of his appointment, by pub
llcatiOn at least once a week for three success


sivc weeks. in such newspapers as shall. Tor
! that purpose. be designated bv the court, due


regard being had to their general circulation


in the district, or in that portion of the dis


trict in which the bankrupt and his credit


Ors shall reside, and shall, within six months.


cause the assignment TO him to be recorded
in every registry of deeds or other Office with


in the United Stateswhere a conveyance of


any land owned by the bankrupt ought by
law to be recorded and the record of such


assignment, duly certified copy thereof,
shall be evidence thereof. in all courts.


SEC. Is. And be At further enacted, That


the assignee shall demand and receive from


any and all persons holding the same, all the


estate assigned, intended to be assigned
under the provisions of this act and he shall


sell all such unincumbered estate, real or per


sonal, which comes 10 his hands, on such


terms as he thinks most for the interest Of


the creditors but upon petition of any per-


son interested. and for cause shown, the court


may make such order concerning the time,


place, and manner, of the sale, as will, in his


opinion. prove TO the interest of the credit


ors; and the assignee shall keep regular


account of all money received by him as as


signee. to which every creditor, shall at rea-


sOnable times, have free resort.


SEC. 10 And be II fltrther enacted, That
, the assignee shall have the like remedy TO re-
; cover all said estate, debts and effects, in his
own name, as the debtor might have had if
the decree in bankruptcy had not been rem


dercd and no assignment had been made. IT.,
at the time of the commencement of proceed
ings in bankruptcy. an action is pending in
, the name of the debtor for the recovery of a
: debt other thing which might or ought 10
= pass t. the assignee by the assignment. the
assignee shall. If he requires 1t. be admitted
to prosecute the action in his own name, in
, like manner and with like effect. rs if it had
been originally commenced by him. No suit


pending in the name Of the assignee shall be
e ahated by his death or removal but upon
: the motion of the surviving, or remaining, or
p new assignee, as the ease may be, he shall be
/ admitted 10 prosecute the suit in like man
- ner and with like effect il 1t had originally
commenced bv him. In suits prosecuted by
= the assignee. a certified copy OF the assign
4 ment made To him by the Judge register
p shall bc conclusive evidence of his authority
. to sue.


SEC. IL And BE- IT further enacted, That
j. the assignee shall, as soon as may be after
g receiving any money belonging to the estate
A., deposit the same in some bank in his name
C as assignee. or otherwise keep it distinct anC
5 apart from all other money in his possession


and shall. ns fnr as practicable, keep al
: goods and effects belonging to the estate sepa
: rate and apart from all other goods in hi
= possession or designated by appropriate
: marks SO that they may be easily and clear
Y lv distinguished. and may not be exposed o
: liable to be taken his property or for th'


payment ofhis debts, When it appears thn
h the distribution of the estate may be delayed
= hv litigation or other cause, the court ma,
direct the temporary investment Of the mon
J. ey belonging TO such estate in securities TO b
i approved by the iud &c or register of sai'
/ court, or may authorize the same to be dc
c posted in any convenient bank, upon sucl
d interest. not exceeding the legal rate, as th
n bank NAV contract with the assignee to pa,
= thereon. He shall give written notice to al
known creditors by mail or otherwise, of al
i dividends. and such notice of meetings, after
: the first az may be ordered by the court HI
d shall be allowed, and may retain, out o
h money in his hands. all the necessary dis
-c bursements made by him in the discharge o
II his duty and reasonable compensation fol
4s his services in the discretion of the court
d He NAV. under the direction of the court
ID submit any controversy arising in the settle
n ment of demands against the estate, O
n. debts due to it TO the determination of arbri
Of traitors to be chosen bv him and the othe
n party to the controversy, and may, under sue
d directions compound and settle any sue
:. controversy by agreement with other party
h as he thinks proper and most for the interes
,c of the creditors.


pr SEC. Is. And Be IL further enacted, Tha
~ the court, after due notice and hearing, ma
IN remove an assignee for any cause which, i
~ the Judgment of the court renders such rt
he moval necessary or cxpedent. At a meetin
he called by order of the court in it's discretio
k for the purpose, or which shall be called VI
H. on the application of majority of the cree
in itors in number and value, the creditor
Y NAV. with consent of the court reno,
< any assignee by such vote az hercinbefol
N provided for the choice of assignee. An n
k signee may, with the consent of the judg
III resign his trust and be discharged therefron
s. Vacancies caused by death otherwise
to the Office of assignee may be filled by appoin
Vi ment of the court, or at its discretion, by a
of election by the creditors, in the manner her
ON inbefore provided at regular meeting, or
be a meeting called for the purpose, with sue
no notice thereof in writing to all known credi
or ors, and by such persons, as the court sho
or direct. The resignation or removal of an a
er- signee shall in no way release him from pc
ID forming all things requisite on his pa
cd for the proper closing up of his trust and t