Year: 1867

norton of the district in which the bankrupt
and his creditors shall reside, and shall, within
six months, cause the assignment to him to be
recorded in every registry OF deeds or otner
Office within the United States where cons
yeyance of any lands owned by the bankrupt
oueht by law to be recorded; and the record OF
such assignment, or a duly certified copy there's
of. shall be evidence thereof in all courts.


Sec. Is. And be IL further enacted, That the as
signee shall demand and receive from any and
ali persons holdiug the same all the estate as
signed, or intended to be assigned, under the
provisions Of this act and be shall sell all such
nnincumbered 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 concern
ing the time, place, and manner of sale as will,
in its opinion, prove to the interest of the cred
itors and the assignee shall keep regular ac-
count of all money received by him as assignee,
to which every creditor shall, at reasonable
times, have free resort.


Sec. l6. And be il further enacted, That the as
signee shall have the like remedy to recover all
said estate, debts and effects in his own name,
as the debtor might have had if the decree in
bankruptcy had not been rendered and no assign
ment had been made. If, at the time of the
commencement of proceedings in bankruptcy,
an action is pending in the name Of the debtor
for the recovery of debt or other thing which
might or ought to pass to- the assignee by the
assignment, the assignee shall, if be requires 1t,
| be admitted to prosecute'the action in his own
| name in like manner and with like effect as if
| it had been originally commenced by him. No
| suit pending 10 the name Of the assignee shall
| be abated by his death or removal but upon the
motion of the surviving or remaining or new as
| signee as the case may be- he sEall be admitted
/ fha efaif in tka nd ;fh
like effect as if it had been originally commenced
| by him, In suits prosecuted by the assignee a
| certified COPY of the assignment made to him by
the Judge register shall be conclusive evidence
of his authority to sue.


| Sec. II. And be it further enacted, That the as
signec 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
in otherwise keep it distinct and apart from all
other money in his possession and shall, as far
as practicable, keep all goods and effects belong
| ing to the estate separate and apart from Ill
other goods in his possession, or designated by
| appropriate marks, so that they may be easily
and clearly distinguished, and may not be ex-
posed liable to be taken as his property or for
the payment of his debts. When it appears that
| the distribution of the estate may be delayed by
| litigation other cause, the court may direct
that the temporary investment of the money be.
! longing to such estate in securities to be ap.
! proved by the judge or register of said court,
or may authorize the same to be deposited in
any convenient bauk upon such interest, not ex.
ceeding the legal rate, as the bank may c0ntrac CT
with the assignee to pay thereon. He shall give
written notice to all known creditors, by mail
or otherwise, of all dividends, and such notice
of meetings, after the first, may be ordered
by the court. lie shall be allowed, and may re-
tain out of money in his hands, all the necessary
| disbursements made by him in the discharge oi
| his duty, and reasonable compensation for his
| services, in the discretion of the court. He may
under the direction Of the court, submit any con
| troversy arising in the settlement of demand:
against the estate, or of debts due to it, to the
determination of arbitratOrs, to be chosen by
him and the other party to the controversy and
may, under such direction, compound and settle
| any such controversy, by agreement with the
other party, as he tbiuks proper and most for the
interest of the creditors.


Sec. Is. And be ii further enacted, That tht
court, after due notice and hearing, may remove
an assignee for any cause which, in the judgmen


of the court, renders such removal necessary o.


expedient. At meeting called by order of th,


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 cred


itors may, with consent of THE court, remov,


any assignee by such vote as is hereinbefort
provided for the choice Of assignee. An assigne,
may, with the consent Of the judge, resign hi


trust and be discharged therefrom. Vacancie


caused by death or otherwise in the Office of as


sgneee may be filled by appointment of thu


court, OF at its discretion by an election by tn
creditors, in the manner hereiubefore provided
at regular meeting or at meeting called 70
the purpose, with such notice thereof in writinJ


to all known creditors, and by such person a


the court shall direct. The resignation or re


moval of au assignee shall in no way release hin
| Dpr mi inu oil pis;t
for the proper closing up of his trust and th
, transmission thereof to his successors nor shal


1t affect the liability of the principal or sureil
on the bond given by the assignee. When, b.
! death or otherwise, the number of assignees il


reduced, the estate of the debtor not lawful.
disposed OF shall vest iu the remaining assignee


or assignees and the persons selected to fill va


cances, If any, with the same powers and dutie


relative thereto as if they were originally cho


sen. Any former assignee, his executors or ad
mlnistrdtors, upon request and at the expens


OF the estate, shall make and execute to the nev


assignee all deeds, conveyances, and assurances


ana do all other lawful acts requisite TO enabl
him to recover and receive all the estate. AM


the court may make all orders which it ma


deem expedient TO secure the proper ful6llmen


OF the duties Of any former assignee, and th


rights and interests of all persons interested il


the estate. No person who has received an


preference contrary to the provisions of this &C


shall vote for or be eligible as assignee but n


title to property, real or personal, sold, trans


terred, or conveyed by assignee, shall be af


fected or impaired by reason Of his inteligibility


An assignee refusing or unreasonably neglectin


to execute an instrument when lawfully require
by the court, or disobeyng lawful order o
decree of the court in the premises may be pun


shed as for contempt OF court


CONTINUED