TWENTY-SEVENTH CONGRESS. Sess. I. Ch. 9. 1841. 443 of property, of every name and nature, and whether real, personal, or Allpi-oper: , mixed, of every bankrupt, except as is hereinafter provided, who shall, "·"·°:'%°P*·g¤°· by a decree of the proper court, be declared to be a bankrupt within ;'§;°§°_m°"”' this act, shall, by mere operation of law, ipso facto, from the time of such decree, be deemed to be divested out of such bankrupt, without any other act, assignment, or other conveyance whatsoever; and the same shall be vested, by force of the same decree, in such assignee as from time to time shall be appointed by the proper court for this purpose. C which power of appointment and removal such court may exercise at its p,,;;H,,I§‘;;_°P` discretion, toties quoties; and the assignee so appointed shall be vested move the aswith all the rights, titles, powers, and authorities to sell, manage, md ¤*§9°;- dispose of the same, and to suc for and defend the same, subject to the p,,Q,‘i,;°0W;, orders and directions of such court, as fully, to all intents and purposes, assignee. as if the same were vested in, or might be exercised by, such bankrupt before or at the time of his bankruptcy declared as aforesaid; and all suits in law or in equity, then pending, in which such bankrupt is a party, may be prosecuted and defended by such assignee to its final conclusion, in the same way, and with the same effect as they might have been by such bankrupt; and no suit commenced by or against any assignee shall be abated by his death or removal from office, but the same may be prosecuted or defended by his successor in the same office; Provided, however, That there shall be excepted from the operation of Proviso. the provisions of this section the necessary household and kitchen furniture, and such other articles and necessaries of such bankrupt as the said assignee shall designate and set apart, having reference in the amount to the family, condition, and circumstances of the barikrupt, but altogether not to exceed in value, in any case, the sum of three hundred dollars; and, also, the wearing apparel of such bankrupt, and that of his wife and children; md the determination of the assignee in the matter shall, on exception taken, be subject to the tinal decision of said court. Sec.4. And be in further enacted, That every bankrupt, who shall wymbunk. bona fide surrender all his property, and rights of property, with the ruipu eptirlodtc exception before mentioned, for the benefit of his creditors, and shall gDg“d·¤¤h¤¤¤» fully comply with and obey all the orders and directions which may ` from time to time be passed by the proper court, and shall otherwise conform to all the other requisitions of this act, shall (unless a. majority in number and value of his creditors who have proved their debts, shall file their written dissent thereto) be entitled to a full discharge from all his debts, to be decreed and allowed bylthe court which has declared him a bankrupt, and a certificate thereof granted to him by such court accordingly, upon his petition filed for such purpose; such discharge Suchdischmgs and certificate not, however, to be granted until aiier ninety days from and certificate the decree of bankruptcy, nor until after seventy days' notice in some ¤3¤%i*;¤ F¤¤*· public newspaper, designated by such court, to all creditors who have gmfgn fax a proved their debts, and other persons in interest, to appear at a pemcu- &.c. lar time and place, to show cause why such discharge and certihcate shall not be granted; at which time and place any such creditors, or other persons in interest, may appear and contest the right of the bank- proviso_ rupt thereto: Provided, That in all cases where the residence of the creditor is known, a service on him personally, or by letter addressed to him at his known usual place of residence, shall be prescribed by the court, as in their discretion shall seem proper, having regard to the d1S· tancc at which the creditor resides from such court. And if any such W:¤¤¤*£¤;¤:;_ bankrupt shall be guilty of any fraud or wilful concealment of his pro- 3;% tg; dm perty or rights of property, or shall have preferred any of his creditors charge or certicontrary to the provisions of this act, or shall wilful1y omit or refuse to £°¤*°· comply with any orders or directions of such court, Ola to conform io any other requisites of this act, or shall, in the proceedings under this
Page:United States Statutes at Large Volume 5.djvu/479
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