T HIRTY—NINTH CONGRESS. Sess. II. Ch. 176. 1867. 525 gf money in his hands, all the necessary disbursements made by him in Assignee may the discharge of his duty, and a reasonable compensation for his services, ’°"“” ""‘*“$ in the discretion of the court. He may, under the direction of the court, ma! Submit submit any controversy arising in the settlement of demands against the gf:bm°t'°°’ 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 may settle such direction, compound and settle any such controversy, by agreement ¤°¤“°*’€*$i¤$· with the other party, as he thinks proper and most for the interest of the creditors. Seo. 18. And be it further enacted, That the court, after due notice Assiznw my and hearing, may remove an assignee for any cause which, in the judg- :§u';'}°°v°d by ment of the court, renders such removal necessary or expedient. At a ' meeting called by order of the court in its discretion for the purpose, or or by crediwhich shall be called upon the application of a majority of the creditors WS; in number and value, the creditors may, with consent of [the] court, remove any assignee by such a vote as is hereinbefore provided for the choice of assignee. An assignee may, with the consent of the judge, may resignresigu his trust and be discharged therefrom. Vacancies caused by death Vacancies, or otherwise in the office of assignee may be filled by appointment of the h°“' m1°d· court, or at its discretion by an election by the creditors, in the manner hcreinbefore provided, at a regular meeting, or 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 of an Assignee not assignee shall in no way release him from performing all things requisite bgc'°“` on his part lor the proper closing up of his trust and the transmission from etssingup thereof to his successors, nor shall it affect the liability of the principal or his mist, &¤· surety on the bond given by the assignee. When, by death or otherwise, Ir number of the number of assignees is reduced, the estate of the debtor not lawfully gssisgecstistfi disposed of shall vest in the remaining assignee or assignees, and the per-Wg5e,,; i;,;;,,? sons selected to fill vacancies, if any, with the same powers and duties ing ones. relative thereto as if they were originally chosen. Any former assignee, Conveyances, his executors or administrators, upon request, and at the expense of the gghggsdew “s' estate, shall make and execute to the new assignee all·deeds, oonveyances, and assurances, and do all other lawful acts requisite to enable him to recover and receive all the estate. And the court may make all orders Court may which it may deem expedient to secure the proper fnlnlment of the duties “"‘k° °’d°"‘ of any former assignee, and the rights and interests of all persons interested in the estate. No person who has received any preference contrary who 0,,,,,,,,, to the provisions of this act shall vote for or be eligible as assignee; but vow For", or be no title to property, real or personal, sold, transferred, or conveyed by an °h°S°*l’as$'g"°°‘ assignee, shall be atlected or impaired by reason of his ineligibility. An beAi;§;$gd*}*0*;Y assignee refhsing or unreasonably neglecting to execute an instrument ,,,,,}:8,,,,,, ,-0, ,€_ when lawfully required by the court, or disobeying a lawful order or de- fusing to cbey a cree of the court in the premises, may be punished as for a. contempt of °"d'°' °f court. OF Drcnrs AND PROOF OF CLAIMS. Src. 19. And be it further enacted, That all debts due and payable from Dcbtsand proof the bankrupt at the time of the adjudication of bankruptcy, and all debts °f °l“lm$· then existing but not payable until a future day, a rebate of interest being Debts prov,. made when no interest is payable by the terms of the contract, may be l>l<>· proved against the estate of the bankrupt. All demands against the bankrupt for or on account of any goods or 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. Liabilities 85 If the bankrupt shall be bound as drawer, indorser, surety, bail, or guaran- giuggh md°°S` tor upon any bill, bond, note, or any other specialty or contract, or 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 A
Page:United States Statutes at Large Volume 14.djvu/555
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