566 FIFTY-FIFTH CONGRESS. Smzss. II. Ch. 541. 1898. to his property; (2) interests_in patents, patent rights, copyrights, and trade-marks; (3) powers wh1ch he might have exercised for his own benefit, but not those which he might have exercised for some other person; (4)· property transferred by him in fraud of his creditors; (5) property which prior to the filing of the petition he could by any means have transferred or which might have been levied upon and sold promo. under judicial process against him: Provided, That when any bankrupt ,,_,,If‘”“·"““°° l’°“°’°“· shall have any insurance policy which has a cash surrender value pay- able to himself, his estate, or personal representatives, he may, within thirty days after the cash surrender value has been ascertained and stated to the trustee by the company issuing the same, pay or secure to the trustee the sum so ascertained and stated, and continue to hold, own, and carry such policy free from the claims of the creditors participating in the distribution of his estate under the bankruptcy proceedings, otherwise the policy shall pass to the trustee as assets; and (6) rights of action arising upon contracts or from the unlawful taking or detention ot, or injury to, his property. _ mAgg;¤_igg_•>f l··¤k· b All real and personal property belonging to bankrupt estates shall P be appraised bythree disinterested appraisers; they shall be appointed —¤¤1¤- by, and report to, the court. Beal and personal property shall, when practicable, be sold subject to the approval of the court; it shall not be sold otherwise than subject to the approval of the court for less than seventy-five per centum of its appraised value. °°¤*¤S•¤¤¤ °f¤¤¤· c The title to property of a bankrupt estate which has been sold, as herein provided, shall be conveyed to the purchaser by the trustee °h§fg°,;§f';,t{(f°°},f,;g d Whenever a composition shall be set aside, or discharge revoked, me in mam. the trustee shall, upon his appointment and qualification, be vested as herein provided with the title to all of the property of the bankrupt as ··***“· pit; the date of the final decree setting aside the composition or revoking e sc argc. f8;*{¤g*:slj:u¤({)·?:; e The trustee may avoid any transfer by the bankrupt of his property ,,,.,,,5.*;, P which any creditor of such bankrupt might have avoided, and may
- °°°"’Y °* P*°P°*‘· recover the property so transferred, or its value, from the person to
whom it was transferred. unless he was a bona fide holder for value prior to the date of the adjudication. Such property may be recovered gxéitiwallueicollected from whoever may have received it, except a bona e o er or va ue. Tim *€"¤·*¤·* •>*{ f Upon the confirmation of a composition offered by a bankrupt the `§°£mL°i°°° °t °°`° title to his property shall thereupon revest in him. , mj;;;: ¤¤k¤ ¤if~·¤¤ ¤¤ Tm: TIME WHEN rms ACT SHALL G0 INT0 EFFECT. {Qg;jj*°·__f www aThis Act shall go into full force and effect upon its passage: Prom wlimmy mk. vided, however, That no petition for voluntary bankruptcy shall be illed
- “§,°§g]·lm,m._ within one month of the passage thereof, and no petition for involuntary bfankruptcy shall be filed within four months of the passage
t ereo . Stffjggg jjggyggf b Proceedings commenced under State insolvency laws before the passage of this Act shall not be affected by it. Approved, July 1, 1898.
