Year: 1867

and duly rec0rueo, pursuant W aiy o'asuv1 Va
the United States, or of any State, shall be
inyalidated or affected hereby and all the
property conveyed by the bankrupt in fraud
of his creditors; all rights in equity, chooses
in action, patents and patent rights and copy
rights; all debts due him, or any person TOR
his use, and all liens and securities therefor;
and all his rights of action Yor property or es.
tate, real or personal, and for any cause OF
action which the bankrupt had against any
person, arising from contract or from the un-
lawful taking or detention, or of injury to the
property of the bankrupt; and all his rights
of redeeming such property or estate, with
the like right, title, power and authority to
sell, manage, dispose Of, sue for and recover or
defend,the same, as the bankruptmigh or could
hare had if no assignment had been made, shall
in virtue Of the adjudication of bankruptcy, and
and the appointment ofhs assignee, be at once
vested in such assignee, and hemay sue for and
recover the said estate, debts and effects, ana
may prosecute aud defend all suits at law or in
equity, pending at the time Of the adjudication
OF bankruptcy, in which hsu:h bankruptis a par.
ty in his own name, in the same manner and
with the like effect as they might have been
prosecuted or defended by such bankrupt and
copy, duly certified by the clerk ofthe 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 canclu
sive evidence of his title as such assignee to
take, hold, sue for and recover the property OF
the bankrupt, as hereinbefore mentioned but
no properly held by the bankrupt in trilst
shall pass by such assignment No person
/ Ia ~ cti
an assignee in bankruptcy for anything done
by him as such assignee without previously
giving him twenty days notice of such &C.
tion 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, or
claim any lien thereon; and no suit in which
the assignee is party shall be abatcd by his
death or removal from office, but the same
may be prosecuted and defended by his sue
cessor, or by the surviving or remaining as
sgnee, as the case may be. The assignee
shall have authority, under the order and di-
rec.ion of the court, to redeem or discharge.
anv mort gage 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 .1ch mortgage,
lien or other membranes. The debtor shall
also, at the request of the assignee, 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
rup,. Tie assignee shall Immediately give
notice of his appointment, by publication at
least once !. week for three successive We 5,
in such newspapers as shall for that purpose
be de>ignated by the court, due regarl-being
had 10 their general circulation in the District,
or ia tha. portion of the District in which
the bankrupt and his creditors shall reside,
and shall, within six months, cause the as
$ ynment to him 70 be recorded in every reg
istry of deeds or other Office within the Uni
ted States where conveyance of any land.
owned By the bankrupt ought by law to be
recorded and tue record Of such assignment,
or duly certified copy thereof, slall be evil
lencc thereof in all courts.


SEC Is. And be it further enacted, That
the assignee shall demand and receive from
any and all persons holding the same all the
estate assigned, CT intended to be assigned,
under the provisions of this Act and he shall
sell al! such unencumbered estate, real and
pei sonal, which comes to his hands, on such
ierms as he thinks most for the interest of the
creditors but upon petition OF auy person
interested, and for cause shown the court
NAV make such order concerning the time,
place aud manner of sale as will, in its opin-
ion provo TO the interest of the creditors
and the assignee shall keep regular account
of oil money received by him as assignee, to
which every crcdiiorshall al reasonable times,
have free resort.


Sec. 1G And be it further enacted, That
the assignee shall have tDe like remedy to re
cover all said estate, debts and effects in his
own name. as the debtor might have had ii
the decree in bankruptcy had not been rem
dered aud no assignment had been made. Ii,
at the time Of the commencement OF pro-
ccedngs 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 he requires it, 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 in the name of the assignee shall be
abated by his dea.h or removal; butupon the
motion of the surviving or remaining or new
assignee, US the case may be, he shall be ud-
mitted to prosecute ihe suit in like manner
and with ike effect as if it had been origi-
naly commenced by him. In suits prosecu-
ted by the assignee certified copy OF the
assignment made to him by the judge or
register shall be conclusive evidence Of his
authority to sue.


SEC. II. And be it further enacted, That
the assignee shall, as soon as may be after re
ceiving 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 other 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 posses
sion, or designated by appropriate marks, so
that they may be easily and clearly distin-
guished and may not be exposed or liable to
be taken as his property or for the payment
of his debts. When it appears that the dis
tributon of the estate may be delayed by
litigation ur other cause, the court may direct
the temporary investment of the money be-
lorging to such estate in securities to be ap-
proved by the judge or register of said
court, or may authorize the same 10 be depos-
tied in any convenient bank upon such in
tcrest, not exceeding the legal rate, as the
bank may contract 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, as may be ordered by the court. He
Shall be allowed, and may retain out of money
in his hands, all the necessary disbursements