233 t A TITLE 11.-1 me-clitors shall-surrender such preferences, couveyances, trans- {,1-;,, assignments, or ineumbmnces, _ W * - ,. _ • (lx} The value of securities held by secured creditors shall ‘ lc dctcmxinc<l‘ by cenverting the semejiute“ mopeyuccording the terms of the agreement pursuant to which such securities mw delivered to such credltcrs er by such_ creditors aud the `mnstec, by egtleemeut, arbitration, compromise, or litigation, es the ceurt·muy direct, and the amount ,0t such vglue shall me emitted upon Sll€h’(3l&iHlS, and e dividend shall be paid only me me unpaid balance. ( ‘ . ‘ _' ” ‘ _ ‘ \° . fil Whenever a creditor whose claiui against et. bankrupt l·~mte is éeeuree by the individual `undertaking of any person mutt; prove such claim, such person may do sy in the Cl#Qdit01'°S m1ue,~a1sd if he discharge such undertaking i1§vélt0le·0r_ in" part if he shell be subrogated to that extent to the _I°ightS‘ Qi the (‘ft‘lutUI°v.` '. I I Q_ $ 'I ` 4 3 ; Debts owing to the United States, a State, a c0unty,ya disu·lt·.t. or a municipulityas a penalty or forfeiture shall not be — allowed, except for the amount of the pecuuiaryloss sustained by the act, trau§ect.ien, or proceeding out of which the penalty or furfeittzreerese, with' reasonable and actual costaqdccasibued tlwrclly and such interest as may have accrued thereon accordinc to law, · . - ‘ —· .· " 1 W . tk) Claims which have been ztllowed may be-reconsideredjfor (»;m.<e and rcallewed or rejected in whole 01•·ln>part,_acjc0rdixi‘g. to the equities of the case, befure_but_ not after, the estate has hcvll C10St.*d. ·‘ B _‘ M _ ‘ ‘ _ _` (1) Whenever A-claim shall havebeeu recmisidered and rej·;·l-tcd, in whole Olj in part,,up0h wbichuq. dividend has been will, the trustee may recover from the creditor the amount ot ·¥ ( the dividend received upon the claim it rejectedln wh0le_,‘0r the pmpcrtiexial part thereof of rejected only in part. 1 - (au) The claire of any estate which le being udminletered in lmukruptcy against. any like estate mtly proved by the tt·zcstt·e and allowed. by the court in the same manner and ·u;.·»u like terms as the claims of other creditors. ’ _ ‘·(!1)(C1&ilIlS‘Sh§u‘D0£ be prayed against a bankrupt estate ·¤uh»equent to one year efter`the,`adjudicz1ti0u; or if they are _liu·uiuctcd: bylltigattiou and the tluul judgment therein is reni tiered- srithin thirty days betempr afterthe expiratloh of such tixgzc, theu- within sixty duyégatter the rendition of such judge mmit. The right et ixifunts and insane persons lwithout guurdlmei. without notice of the proceedings, may coutlgue six months Imager. (July 1, 1898, c.·541,_§ 51, 30 Stat. 560;"¥`F`éb._5, 1903, c. lst, § tz, 32 Smr. 799.) .· ·_ » · _ 94. Greditcrs; mtticu te.-—(a) Creditors shell have et least ml days' notice by, mail, to their respective addresses us they appear in the list of credltors of the bankrupt, or he aftertvartls med with the papers lu theccase-by the creditors, uuing they waive notice ld writing, of _(1) all exemlnatious not the bankrupt; (2-} ell hearings upon eppllcatione for the coutiremtiou of cegrtpmltluus; (3) all meetings of creditors; (4)
- ell¤ proposed sales ot property; (5)] the declnratiou and time
<·f payment of dividends ;· C6) the {lling, et theljlnal accounts pf the trustee, and the time when and the place where they will be examined aud passed upon; (7·) ·· the proposed c0m— preaniee bfany ceutreversy; (.8) the proposed dismissal of the pmcecdlugs, und (9) there ebelt be thirty; days' netice of all umlllcetlene ter the discharge otbmxkrupts. - . lb} Netlce to creditors et the -5rst meetlng shal1'be;pub+ lished at least eixce end may be such number ct additional times as theeeurt may direct; the last publication shell lc at least one week prier tcl the date Hxed for the meet- ‘ lug. Gther notices maybe publlslxed as the court shall direct. (c) All uctlm shall be given by tbe referee, unless ctlferwise ordered by thejudge. (July 1, 1®8, cr 541, | 58, 30 Stat. 581; June %, 1910, c. 412, Q 9%, 36 Stat. 841.)
Br1NKRU1’TO’Y· § 96 - 95. Bankruptcy petitions; Eling- and '¢Iiemissal.———‘(a) Any qualified person may iile a. petition to be adjudged e. volnntary bankrupt. ,§ I' N, _ · i - (li) Three or more creditors who have provable claims against any person which amount in the aggregate, in excess . of the value of securities helcl by. them, if any, to $500 or over; or if all of the creditors of s'ucl1_pers0u_are less than twelve in ‘ ° number, then one of suclr creditors whose clairn_eq1mls such amount may file h petitioxrto have him adjudged a bgmkrupt. " (c) Petitions shall be Bled in duplicate, one, cogiy for the ‘ clerk and one for seryice orrthe bankrupt., . ° (d) If it be averted in the petition-that the creditors of the - bankrupt·are less than twelve in number, and less than three credltqrsie have joined as petitioners ·u1€1’€iH, and tlxeaansier »&V€1'S.th€ existence of ri larger number of breditors, there shall be tiled. with the anéwer a list under oath of all the creditors, with: their addresses, and thereupon the ceurt shall cause all such'credit‘ors to be notitled of the- pemlency of such jnetitionand shall delay the hearing upon such petition for e reasonable time, to thé'end that pertiesln interest shall hevenn opgior-_ tunity to be heard ;; if upon such hearing `it_ shall mrpear thet a sumcient number have joined in such petitionhor it prior to- ·or during such hearing a sumient number shgll join therein, the case may be proceeded with, but. otherwise it shell be ·-dismissed. _· ” U · __ `(e). In computing the number _·of creditors ot; a bankrupt for the purpose of determining how many creditors must- join in·the petition, suck"` creditors as, here employed by him at ` the time of the 1iling~ot‘tl1e petition or are related to him by, eonsangninity or amuiuywitnm the third degree, asxletermined ‘by the common law, and have not joined in the petition, shell notbecounted. U » j _ ‘-. ‘ (f).`Credit0rs other than original—~”petltioners "HIRY at any time enter their appearance and join in ·t1ie‘petition, or me an answer and be heard in opposition to the {prayer of the petition, - . " Q . _ -\ ._ I (g) TA roluntary or involuntary petition shall not be dis- . missed by the petitioner or petitioners or for went of __pr0seeu· _ tion orby consent of partiesuntil after notice to the creditors, and to. that endithe court yshall, ·wfore_entertalning`an application for dismissal, require ·the·bankrupt to file a list, under- _ oath, of all__ his creditors,_with their addresses, and shall cause . notice. to be sept to all such creditors. of the penglency of such, application, and shall delaytlne henrinig thereon for `ai reaé•m· = able time t0_allow all creditors and parties ug interest oppor- ` `tunity to be heard, {July 1, 1898, c,·541,°§ 59, 30 Stat. 561.; , Jtme %, 1910, c. 412, 5 ”10, 36 Stet. 841.), { l _ ` 96. Preferred creditor¤.~—-(a) _ A- person shell deemed to have given a preference ifkbelng insolrent, he has, within four _ monthebetore the Bling of the petition, -or after, the Bling ot the petition and! before the adjudication,_proeured or eudered a ‘judgment_ to be entered against himself in `fevoreot any, qperson, or made a transfer ot any ot `his_ property, and the Y eiéct of the enforcement of such judgment or trensfer drill be to enable any one of his creditors to obtain e greater per? centage ot his debt than any other of such ereditors of the - ·sdme class. Where the preference consists in ·a transfer; such ~ periodot four months shall not expire; until {our months after r the date of the recordim or registering ot the transfer, lt by law such recording or regtstering is required. · » — ` (b) It A bankrupt shall have procured or snmered a judg~ [ ment to he entered egainst_him ln feve of any person or have made e transfer ot any` of his property, and lt', at the time of ~ the transfer, or of the entry of the judgment, or of the recordil18;01’ reglsterlngot. the transfer if by law recording or regis? ~ tering thereotls required. and being within toixrmonths before · the illlng"0f.tl1e petition in bankrnptcy or after the filing thereot and beiore the adjudicgtion, the lgankruvt bxxsolyentt and the
