« PreviousContinue »
TITLE 1. der the second Article, or before presenting the petition of the in
solvent under the third, fifth and sixth Articles, or before the publication of notice to creditors under the fourth Article. But no suit in equity shall be brought by assignees of insolvents under the third, fourth or fifth Articles, without the consent of the creditors having a major part of the debts which shall have been exhibited and allowed, unless the sum in controversy exceeds five hundred dollars :
2. To take into their hands, all the estate of such debtor, whether attached, or delivered to them, or afterwards discovered; and all books, vouchers and securities relating to the same :
3. In the case of a non-resident, absconding or concealed debtor, to demand and receive of every sheriff who shall have attached any of the property of such debtor, or who shall have in his hands, any monies arising from the sale of such property, all such property and monies, on paying him his reasonable costs and charges, for attaching and keeping the same, to be allowed by the officer having jurisdiction :
4. From time to time, to sell at public auction, all the estate, real and personal, vested in them, which shall come to their hands, after giving at least fourteen days' public notice of the time and place of sale, and also publishing the same for two weeks in a newspaper, printed in the county, where the sale shall be made, if there be one :
5. To allow such credit on the sale of real property by them, as they shall deem reasonable, not exceeding eighteen months, for not more than three-fourths of the purchase money; which credit shall be secured by a bond of the purchaser, and a mortgage on the property sold:
6. On such sales, to execute the necessary conveyances and bills of sale :
7. To redeem all mortgages and conditional contracts and all pledges of personal property, and to satisfy any judgments, which may be an incumbrance on any property so sold by them; or to sell such property subject to such mortgages, contracts, pledges or judgments :
8. To settle all matters and accounts between such debtor, and his debtors, or creditors, and to examine any person touching such matters and accounts, on oath, to be administered by either of them :
9. Under the order of the officer appointing them, to compound with any person indebted to such debtor, and thereupon to discharge all demands against such person. 76
Xotice to be given.
S 8. The trustees, immediately upon their appointment, shall give notice thereof; and therein shall require,
1. All persons indebted to such debtor, by a day and at a place therein to be specified, to render an account of all debts and sums ol
money owing by them respectively, to such trustees, and to pay the ART. & game :
2. All persons having in their possession any property or effects of such debtor, to deliver the same to the said trustees by the day so appointed:
3. All the creditors of such debtor to deliver their respective accounts and demands to the trustees or one of them, by a day to be therein specified, not less than forty days from the first publication of such notice. 77
$ 9. In the case of an insolvent or imprisoned debtor, such notice Time and shall be published for at least three weeks in a newspaper printed in publishing the county where application was made ; and in the case of non-re-noti sident, absconding or concealed debtors, it shall be published, for the same time, in the newspapers in which the notice of an attachment having issued, is directed to be printed.
$ 10. Notwithstanding any such notice, the trustees may sue for May sue notand recover, any property or effects of the debtor, and any debts due to notice. him, at any time, before the day appointed for the delivery or payment thereof.
$11. Every person indebted to such debtor, or having the pos- Persons consession or custody of any property or thing in action, belonging to him, pertybedebile who shall conceal the same, and not deliver a just and true account Loubretic of such indebtedness, or not deliver such property or thing in action, to the trustees or one of them, by the day for that purpose appointed, shall forfeit double the amount of such debt, or double the value of such property so concealed; which penalties may be recovered by the trustees.78
$ 12. Whenever the trustees shall show by their own oath or other whon delt competent proof, to the satisfaction of any officer named in the first Sri Sec.may section of the seventh Article of this Title, or of any judge of a county uploade er court, that there is good reason to believe that the debtor, his wife, or any other person has concealed or embezzled any part of the estate of such debtor vested in the said trustees; or that any person can testify concerning the concealment or embezzlement thereof; or that any person who shall not have rendered an account as above required, is indebted to such debtor, or has property in his custody or possession, belonging to such debtor; such officer or judge shall issue a Warrant, commanding any sheriff or constable, to cause such debtor, his wife, or other person, to be brought before him at such time and place as he shall appoint, for the purpose of being examined. 79
$ 13. The officer issuing such warrant, shall examine every per- Particulars of son so brought before him, on oath, in the presence of the trustees or examination.
(77) 1 R. L. 159, 99. (78) 1 R. L. 160, § 11 ; 466, § 14. (79) 1 R. L. 160, § 12 ; 467, $16.
Proceedings in ease he
TITLE 1. any of them, touching all matters relative to the debtor, his dealings
a nd estate, and touching the detention or concealment of any part of his property, and touching the indebtedness of any person to such debtor; and shall reduce the examination to writing; which the person so examined is hereby required to sign, and which shall be attested by the officer.80
S 14. If any person so brought before such officer, shall refuse to sworn, kte. to be sworn, or to answer satisfactorily, all lawful questions put to him,
or shall refuse to sign the examination, not having a reasonable objection thereto, to be allowed by such officer, the said officer shall by warrant commit such person to prison, there to remain without bail, until he shall submit to be sworn or to answer as required, or to sign such examination; in which warrant, the particular default of the person committed shall be specified; and if it be, in not answering
any question, such question shall also be specified therein.80 Proceedings S 15. If any person so committed, shall bring a writ of habeas brings habeas corpus, he shall not be discharged by reason of any insufficiency in
the form of the warrant of commitment; but the court or officer before wbom such person shall be brought, shall re-commit such person, unless it shall be made to appear that he hath answered all lawful questions put to him, or had sufficient reason for refusing to sign the examination, as the case may be; or unless such person shall then an
swer, on oath, the questions so put to him. 60 er- $ 16. Any sheriff or jailer wilfully suffering any person so com6, mitted or re-committed, pursuant to the foregoing sections, to escape,
shall be liable to indictment for a misdemeanor; and on conviction thereof, in addition to any other punishment the court may inflict, shall forfeit to the trustees a sum equal to the whole amount of debts due to the creditors of such debtor, not exceeding two thousand five hundred dollars. 80
S 17. The person so examined, and answering to the satisfactior of the officer, shall not be liable to any penalty imposed in this Arti cle for concealing and not delivering any property, or paying any debt; but his answers on such examination, may be given in evi dence in the same manner, and with the like effect, as if they hat
been made in answer to a bill in equity filed by such trustees. Persons dis- $ 18. Any person who shall discover to the trustees any secrete fects entitled effects, property, or things in action, belonging to such debtor, s
that they shall be recovered by them, shall be entitled to ten dollar on the hundred dollars, and at that rate, on the value of the effects s discovered, to be paid by the trustees, out of the estate of such debtor but this section shall not extend to persons who have such property effects or things, in their own possession. 81
(80) 1 R. L. 160, § 12 ; 467, § 16. (81) 1 R. L. 161, § 14,
Sheriff suffering such per
Persons answering not liable to penalty, &c.
referred to re
S 19. If any controversy shall arise between the trustees and any ART. 8. other person, in the settlement of any demands against such debtor, or of debts due to his estate, the same may be referred to three in-nies may be different persons, who may be agreed upon by the trustees and the ferees. party, with whom such controversy shall exist, by a writing to that effect, signed by them. 82
$ 20. If such referees be not so selected by agreement, then the Notice of aptrustees may serve a notice on the other party to such controversy, of appointment their intention to apply to the officer who appointed them, or to any other officer of like authority residing in the same county, for the appointment of referees, specifying the time and place when such application will be made; which notice shall be served at least ten days before the time so therein specified. 82
$ 21. On the day so specified, the trustees may nominate two per- Referees to sons, not being creditors of such debtor, or otherwise interested; and ed. "O the other party to such controversy, or in case of his absence or refusal, the said officer, on due proof of the service of such notice, in his place, shall nominate two indifferent persons. 82
S 22. The names of the persons thus nominated, shall be written Three to be on four pieces of paper, as similar in all respects as may be, which drawn for. shall be rolled up separately and put into a box, and from thence the said officer shall draw out three of them; and the persons whose names are so drawn, shall be the referees to determine the controversy. 82
S 23. The officer before whom they shall be selected, shall certify Selection to such selection in writing. Such certificate, or the written agreement and enteren of the parties, shall be filed by the trustees in the office of a clerk of tered. the supreme court, when the trustees were appointed under the first Article of this Title; and in the said office, or in that of the clerk of the court of common pleas of the county, when the trustees were appointed under any other Article of this Title ; and a rule shall thereupon be entered by such clerk in vacation or in term, appointing the persons so selected to determine the controversy. 82
S 24. Such referees shall have the same powers, and be subject to Powers, &c the like duties and obligations, and shall receive the same compensa- of ref tion, as referees appointed by the supreme court, in personal actions pending therein.82
$ 25. The report of the referees shall be filed in the same office Report o where the rule for their appointment was entered, and shall be con- forces. clusive on the rights of the parties, if not set aside by the court. 82
$ 26. The trustees shall, as speedily as possible, convert the es- Trustees to tate, real and personal, of such debtor, into money. They shall keep tate into
(82) 1 R. L. 161, § 16 ; 469, § 21,
convert estate into money.
When and how, to call general meeting
TITLE 1. a regular account of all monies received by them as trustees; to
which, every creditor, or other person interested therein, shall be at liberty, at all reasonable times, to have recourse.
$ 27. The trustees, within fifteen months from the time of their general meet. appointment, shall call a general meeting of the creditors of such
debtor, by a notice to be published in the same manner, as herein before directed respecting the publication of the notice of their appointment; in which notice, they shall specify the place and time of such meeting, which time shall not be more than three months, nor less than two months after the first publication of such notice. Every such notice shall be published at least once in each week, until the time of such meeting: 83
$ 28. At such meeting, or other adjourned meeting thereafter, all accounts and demands, for and against the estate of such debtor, shall be fairly adjusted, as far as the same can be ascertained, and the amount of monies in the hands of the trustees declared.
S 29. Out of the monies in their hands, the trustees may first decommissions. duct all the necessary disbursements made by them in the discharge
of their duty, and a commission at the rate of five per cent. on the whole sum which shall have come into their hands. 84
Proceedings at such meet
Disbursements and commissions.
tees under Article 1.
Duty of trus- $ 30. If they shall have been appointed trustees under the first Ar
ticle of this Title, they shall pay to every attaching creditor the amount of any recovery which may have been had against him, on any bond he may have executed for the purpose of retaining any property or any vessel, for the benefit of all the creditors, and his costs for defending any such suit.
$ 31. Whenever any bond shall have been executed by an attaching creditor for the purpose in the last section specified, the trustees shall retain a sufficient sum from the monies in their hands to indemnify such creditor, until a final determination be had, respecting his liability.
$ 32. They shall pay all debts due by such debtor to the United States, and all debts due by him to persons who, by the laws of the United States, have a preference in consequence of having paid mo
ney as sureties of such debtor. Remainder $33. They shall distribute the residue of the monies in their hands,
among all those who shall have exhibited their claims as creditors, and whose debts shall have been ascertained, in proportion to their respective demands, and without giving any preference to debts due on specialties, as follows:
Remainder how distributed.