Page:United States Statutes at Large Volume 76A.djvu/370

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-274stead of the marshal, and the person or persons so elected shall afterwards be the assignee or assignees under the provisions of this subchapter. The marshal, by transfer in writing, acknowledged as required by section 4980 of this title, shall at once assign to the elected assignee or assignees upon the trusts in this subchapter provided, all the property so assigned to him, and deliver possession thereof. All recitals in the assignment by the marshal of notices of the meeting, and the holding thereof, and of the due election of the assignee or assignees, shall be prima facie proof of the facts recited. § 4974. Marshal's fees Before the delivery of the assignment, the marshal shall be paid the expenses incurred by him, and fees in such amount as would by law be collectible if the property assigned had been levied upon and safely kept under attachment. § 4975. Powers and duties of elected assignee After the record of the assignment, as provided by this subchapter, the elected assignee or assignees shall take, and hold, and dispose of all such property and its proceeds, upon the trusts and conditions and for the purposes in this subchapter provided. § 4976. Insolvency defined A debtor is insolvent, within the meaning of this subchapter, when he is unable to pay his debts from his own means as they become due. § 4977. Transfers not affected The provisions of this subchapter do not prevent a person residing in a State or country from making there, in good faith, and without intent to evade the laws of the Canal Zone, a transfer of property situated within it; but such a person can not make a general assignment of property situated in the Canal Zone for the satisfaction of all his creditors, except as in this subchapter provided; nor do the provisions of this subchapter affect the power of a person, although insolvent, and whether residing within or without the Canal Zone, to transfer property in the Canal Zone, in good faith to a particular creditor, or creditors, or to another person in trust for such particular creditor or creditors for the purpose of paying or securing the whole or part of a debt owing to the creditor or creditors, whether in his or their own right or otherwise. § 4978. Debts which may be provided for An assignment for the benefit of creditors may provide for any subsisting liability of the assignor which he might lawfully pay, whether absolute or contingent. § 4979. Void assignments An assignment for the benefit of creditors is void against a creditor of the assignor not assenting thereto, if it: (1) gives a preference to one debt or class of debts over another; (2) tends to coerce any creditor to release or compromise his demand; (3) provides for the payment of a claim known to the assignor to be false or fraudulent: or for the payment of more upon any claim than is known to be justly due from the assignor; (4) reserves an interest in the assigned property, or in a part thereof, to the assignor, or for his benefit, before all his existing debts are paid;