Year: 1867

all suits at law in equity pending the time OF the
adjudication OF bankruptcy, in which such bankrupt
the like effect they might have been prosecuted or
defended BY sach hankrupt and copy, duly cerunea
by the clerk q the court under the sea- y
| the may be, to him assignee, shall be con-
clusi' evidence OF his title such assignee 70 take
hold sue for and recover the properly OF The bankrupt
enbefore mentioned but property held Dy tne
bankrupt in trust shall pass by such assignment NO
person shall be entitled to maintain action against an
assignee bankruptcy for anything done by him as such
assignee without previously giving him twenty days no.
tice of such action specifying the cause thereof 70 Tue
dering amends should he see nt to do so NO person
shall be entitled as against the sssignee 70 withnola
rupt, claim any lien thereon; and no suit ID whch
the assignee party shall be abaed by his death or re-
defended by his or BY the surviving remain


ing assignee, the case may be. The assignee snaiI
have authority under the order and direction o. .se
court TO redeem or discharge any mortgage OF condl
tonal contract or pledge or deposit or lien upon any
property, real personal whenever payable ana 70 Ten
der due performance OF the condition thereoi or 70
sell the same subject such mortgage lien or other IN
cumbrances The debtor shall Also at the request OF the
assignee and 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 uy OF
all the assets Of the bankrupt The assignee snail mme
dately give notice of his appointment by publication az
least week for three successive weeks IN such
newspapers shall for that purpose be designated by
ceur due regard being had to their general crcua-
ton in the district that portion Of the district in
which the bankrupt and his creditors shall reside and





TO be recorded in every registry OF deeds other office
| within the United States where q conveyance OF any
sd and the record Of such assignment or duly certified
copy thereof, shall be evidence thereof in all courts


SEC Is And be IL further enacted That the assignee
shall demand and receive from any and all persons mold


ing the all the estate assigned, or intended TO DO
assigned under the provisions OF this act and he shall
sell all such unencumbered estate, real and personal,
which 10 his hands, such terms as he thinks
the interest Of the credos but upon petition
OF any person and shown the court
MAJ ma
Of sale will in It's opinion prove TO the IN.
terest Of the creditors and the assignee % shan keep
to which creditor SHALL at reasonable tmes have
| free resort


SEC le And be it further enacted, That the assignee
shall have the like remedy TO recover all said estate
debts and effects In his name, as the debtor might
have had II the decree in bankruptcy had not been
dered and assignment had been made. IT. at the time
of the Of proceedings in bankruptcy, an
action pending In the name Of the debtor for the re-
covery Of debt other thing which might ought to
pass to tho assignee by the assignment the assignee
SHALL IL he requires it, be admitted TO prosecute the
action in his name, in like manner and with Ike
effect II II had been originally commenced by him.
No suit pending in the name Of the assignee shall be
abated by his death removal; but upon the motion
of tho surviving remaining or new assignee, as the
case may be- shall be admitted to prosecute the suit
in like manner and with like effect as II had been
originally commenced by him. In suits prosecuted by
the assignee certified copy OF the assignment made 10
him by the judge or register shall be conclusive evidence


SIC IT, Ana be it further enacted That the assignee
SHALL as may be after receiving any money be-
longing to the estate deposit the same in some bank IN
his name as assignee, otherwise keep 1t distinct and
apart from all other money in his possession and SHALL
as far practicable keep all goods and effects belong
ing the separate and apart from all other goods
in his possession designated by appropriate marks
that they may be easily and clearly distinguished and
NAV not be exposed liable to be taken his property
or FOR the payment Of his debts When appears that
the distribution Of the estate may be delayed by ltga-
On or The s. 1 the 70
estate in securities to be approved by the judge or
register Of said court or may authorize the same 70 be
hmnH iutnpo
not exceeding the legal rate the bank may contract
with the assignee TO pay thereon He shall give written
ali dividends and such notice meetings. after the s
may be ordered by the court He shall be allowed
and may retain out Of money in his hands all the neces
sary disbursements made him in the discharge Of his
duty reasonable compensation for his services, in
the discretion Of the court He may under tho direction
OF tho court submit any controversy arising IN the set
tement demands against the estate OF debts due TO
it. to the determination Of arbtraors to be chosen by
him and the other party to tho controversy and may,
under direction compound and settle any such
trovey by agreement with tho other party he thinks
SIC. lS And be- il further enacted Tha. the court
after due notice and hearing, may remove an assignee
for any which. in the judgment Of the court rem
ders removal necessary expedent At meeting
called by order Of the court in its discretion for the pur
pose which shall be called upon the application OF


majority OF the creditors h number and value the cred
ors may, with consent OF the court, remove any as
sgnee BY such hereinbefors provided for the
choice OF assignee An assignee may with the consent
Of the judge resign bis trust and be- discharged
from Vacancies caused by death or otherwise In tho
office OF assignee De nll0d appointments OF the
court or Al its discretion by election BY creditors
in the herenbefore provided at regular meet
ing At meeting called for the purpose with such
such person the court shall direct The resignation
removal Of assignee shall in no way release him


from performing all things requisite on hts part for the
proper closing up Of his trust and the transmission
thereof TO his successors NOR shall It affect
the liability Of the principal surety the bond
given by the assignee. When, by death or
otherwise the number Of assgnees Is reduced, the
estate Of the debor not lawfully disposed Of shall vest
st,nr uiu md
selected 70 m vacancies, II any, with the powers
ana duties relative thereto IL they originally
traitors upon request and the expense OF the estate
shall make and execute TO the assignee all deeds,
acts requisite TO enable him to recover and receive all
the estate And the court make all orders which
may deem expedent 70 secure the proper funment Of
the duties OF any former assignee and the rights and
interests OF all persons Interested in the estate. No
person who has received any preference contrary to tho
provisions OF this act shall vote for be eligible
signee but title TO property, real personal sold.
transferred conveyed by an assignee shall be affected
or impaired by reason Of his neigiblity assignee
refusing or unreasonabiy negectng to execute an in
strument when lawfully required by the court, or dis
obeying lawful order or decree OF the cour. in the
premises may be punished as for contempt OF court.
or pxBs AND PROOF or cLAMs


SEc 10. And be IL further enacted That all debts due
and payable from the bankrupt at the time of the adud
cation Of bankruptcy and all debts then existing but
payable until future day, rebate Of interest being
made when interest is payable by the terms Of
tract be proved against the estate Of the bankrupt
All demands against the bankrupt for account OF
any goods or chatcis wronguiy taken, converted or
withheld by him may be proved and allowed debts TO
the amount Of the value of the property taken or
withheld, with interest II the bankrupt shall be
bound drawer indorser. surety bail or guarantor
upon any BILL bond, note, or other specially
copract Or for any debt Of anYiher person, and his
liability shall not have become absolute until aftor the
adjudication Of bankruptcy the creditor may prove the
same such liability shall have become nxed, and
before the final dividend shall have deem declared In
all cases Of contingent debts and contingent liabilities
contracted by the bankrupt and not herein oherwise
provided for the creditor may make claim therefor and
have hts claim allowed with the right to share In the
dividends, the contingency shall happen before the
| order for the final dividend; or he may at any time
| apply TO the court TO have the present value OF
| the debt or liability ascertainod and hquidatcd,
which shall then be done in such manner a. the
| court shall order, and he shall be allowed TO
prove for the amount ascerained Any person liable
BAIL surety guaantor or otherwise for the bankrupt
who shall have paid the debt any part thereof In dis
charge Of the whole shall be entitled prove such debt
or 70 stand In the place OF the creditor he shall have
proved the same, although such payments shall have
been made after the proceedings in bankruutcy were
commenced And any person so liable for the bankrupt