Year: 1867

out previously giving 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 tit to do SO.
No person shall be entitled as against the assignee
| to withhold from him possession of any books of
account of the bankrupt, claim any lien there
| on; and no suit in which the Assignee Is party
shall be abated by his death or removal from office
! but the same may be prosecuted and defended by
| his successor, or by the surviving or remaining
assignee, as the case may be. The assignee shall


have authority, under the order and direction of
| the court, to redeem or discharge any mortgage
| or conditional contract, pledge deposit or


lien upon any property, real or personal, when
| ever payable, and to tender due performance of
the condition thereof, or to sell The same subject
! to such mortgage, lien or other incumbrances
| The debtor shall also at the request of the as


signee and at the expense of the estate, make and


execute any instruments, deeds and writings


which may be proper to enable the assignee to


possess himself fully of all the assets of the bank


rupt. The assignee shall imme ediately give notice


OF his appointment, by publication at least once


Il week for three successive weeks in such news
papers shall for that purpose be designated by


the court due regard being had to their general


circulation in the district or in that portion ofthe
district in which the bankrupt and his creditors


shall reside, and shall, within six months, cause
| the assignment to him to he recorded in every


registry of deeds other office within the United
Stat, where conveyance OF any lands owned by
| the ba' krupt ought by law to be recorded; nd
the record of such assignment, duly certified


copy thereof, shall be evidence thereof by all
courts.


Sec. Is. Ind be it further enacted, That the as
| signce shall demand and receive from any and all
persons holding the same all the estate assigned
| or intended to be assigned under the provisions
| of this act; and he shall sell all such unincum-
| bered estate, real and personal which comes to
his hands, on such terms as he thinks most for
the interest of the creditors but upon petition
of any person interested, and for cause shown
the court may make such order concerning the
md nf ln will
opinion, prove to the interest of the creditors:


and the assignee shall keep regular account of


all money received by him as assignee, to which


every creditor SHALL at reasonable times, have free
! resort.


SEC. 16 and be it Jitrtlter enacted That the as
sgnee shall nave the like remedy to recover all


said estate debts and effects in his own name as
the debtor might have had II tbs decree in bank
ruptcy had not been rendered and no assignment


had been made. IT, at the time of the commence
ment of proceedings in bankruptcy, an action is
pending in the name of the debtor for the rccove


ry OF Il debt or other thing which might or ought
to pass to the assignee by Ie assignment, the


Sgnec shall, it he requires it, be admitted TO pro-
| secute the action in his name. in like manner


and with like effect as if it bad been originally
| commenced by him. No suit pending in the name


of the assignee shall be abated by his death or re-


mOval; bul upon the motion OF the surviving


remaining or new assignee, as the case may be. he
| shall be admitted to prosecute the suit in like


manner and with like effect as if it had been orig


inally commenced by him. In suits prosecuted


by the assignee certified copy OF the assignment


made to him by the judge or register shall be- con-


elusive evidence of his authority to sue.


SEC. H. And be it further endcted, That the as
signce shall, as soon as may be after receiving
any money belonging to the estate, deposit the
same in some bank in his name as assignee, or
otherwise keep it distinct and apart from all 9th
cr money in his possession; and shall, as far as
practicable, keep all goods and effects belonging
to the estate separate and apart from all other
| goods in his possession, designated by apprO-
pirate marks so that they may bt easily and clear
| ly distinguished, and may not be exposed or lia-
bic TO be taken as his property or for the payment
of his debts. When it appears that the distribu-
tion of the estate may be delayed by litigation or
! other cause, the court may direct the temporary
investment of the money belonging to such estate
in securities to he approved by the judge or re-
gister OF said court, or may authorize the same to
be deposited i'll any convenient bank upon such
interest, not exceeding the legal rate, rs the bank
may contract with the assignee TO pay thereon
He shall give written notice 10 all known credi-
tors, by mail otherwise, of all dividends, and
such notice of meetings. after the first, may be
ordered by the court. He shall be allowed, and
NAV retain out OF the money IN his hands, all the
necessary disbursements made by him in the dis
charge OF his duty, and reasonable compensa-
ton for his services in the discretion Of the court


He may, under the direction of the court, submit
any controversy arising in the settlement of de-
mands against the estate or of debts due to ii, to
the determination of arbitrators, to be chosen by





may under such direction compound and settle
any such controversy, by agreement with the
other party us he thinks proper and most for the
interest of the creditors.


SEC. IS. A1td be it further enacted, That the
court, after due notice and hearing, may remove
an assignee for any cause which, in the Judgment
of the court renders such removal necessary or
expedlcnt. At meeting called by order of the
court in its discretion for the purpose, or which
shall be called upon the application OF majority
of the creditors in number and value, the credi-
tors may with consent of [thc court removes any
assignee by such vote as is hereinbeiore pro-
vided for the choice of assignee. An assignee
NAV, with the consent of the Judge, resign his
trust and be discharged theretrom. Vacancies
caused by death or otherwise in the office of as
signec may be filled by appointment OF the court
or at its discretion by election by the creditors
in the manner herenbefore provided, at regular
meeting, at a meeting called for the purpose,
with such notice thereof in writing to all known
creditors, and by such person as the court shall
direct. The resignation or removal ofan assignee
shall in no wav release him from performing all
things requisite on his part for the proper closing
up of his trust and the transmission thereof to bis
successors nor shall it affect the liability of the
principal or surety or the bond given by the as
signee. When, by death or otherwise, the num-
ber of assgnees is reduced, the estate OF the
debtor not lawfully disposed of shall vest in the
remaining assignee or assignees, and the persons
selected to fill vacancies il any, with the same


powers and duties relative thereto as if they were
originally chosen. Any former assignee his exec



expense of the estate, shall make and execute to
the new assignee all deeds, conveyances, and as
surances and do all other lawful acts requisite to
enable him to recover and receive all the estate.
And the court may make all orders which it may
deem expedient to secure the proper fulflment
of the duties of any former assignee and the lights
and interests of the persons interested in the es
tate. No person who has received any preference
contrary to the provisions of this act shall vote
for or be eligible assignee; but Bottle to pro-
perty real or personal, sold, transferred, con-
vcyed by assignee, shall be affected or impair
ed by reason of his ineligibilty. An assignee re-
fusing or unreasonably neglecting to execute an
instrument when lawfully required by the court,
or disobeyinga lawful order decree of the court
in the premises, may be punished for a con-
tempt of court.


OF DEBTS AND PROOFS OF CLAIMS.


SEC. 49, And be it further enacted, That all debts
due and payable from the bankrupt at the time of
the adjudication of bankruptcy, and all debts then
existing but not payable until future day, re-
bate of interest being made when interest is |
PAYABLE by the terms of contract, may be proved |
against the estate of the bankrupt. All demands |
against the bankrupt for or on account of any
goods chattels wrongfully taken, converted, or
withheld by him may be proved and allowed as |
debts to the amount of the value of the property
so taken or withheld, with interest. II the bank
rupt shall be bound as drawer endorser, surety, |
ball. or guarantor upon any bill, bond, note, or |
any other speciality or contract, for any debt |
of another person, and his liability shall not have
become absolute until after the adjudication of |
bankruptcy, the creditor may prove the same af- |