Page:United States Statutes at Large Volume 5.djvu/483

This page needs to be proofread.

TWENTY-SEVENTH CONGRESS. Sess. I. Ch. 9. 1841. 447 within two years after the declaration and decree of bankruptcy, or after the cause of suit shall first have accrued. SEC, 9, And be itfurt/zcr enacted, That all sales, transfers, and other S¤l<>S·_ &¤· by egnveyances of the assignee of the bankrupfs property and rights of ?}Q€‘;S?§§‘f· . . ow property, shall be made at such times and in such manner as shall be to be made. ordered and appointed by the court in bankruptcy; and all assets received by the assignee in money, shall, within sixty days afterwards, be paid into the court, subject to its order respecting its future safekeeping zmd disposition; and the court may require of such assignee a Assignee may bond, with at least two surcties, in such sum as it may deem proper, b? required *0 eonditioned for the due and faithful discharge of all his duties, and his gum b°nd' compliance with the orders and directions of the court; which bond shall be taken in the name of the United States, and shall, if there be any breach thereof, be sued and sueable, under the order of such court, for the beneiit of the creditors and other persons in interest. Sec. 10. And be it further enacted, That in order to ensure a speedy Collection of settlement and close of the proceedings in each case in bankruptcy, it 9*6*% diS*fib¤· shall be the duty of the court to order and direct a collection of the mm &°' assets, and a reduction of the same to money, and a distribution thereof at as early periods as practicable, consistently with a due regard to the interests of the creditors: and a dividend and distribution of such assets Dividend and as shall be collected and reduced to money, qr so much thereof as can dis”ib¤*l°¤· be safely so disposed of, consistently with the rights and interests of third persons having adverse claims thereto, shall be made among the creditors who have proved their debts, as often as once in six months from the time of the decree declaring the bankruptcy; notice of such N°*lc9*h**F°°f dividends and distribution to be given in some newspaper or newspapers m be gw°n' in the district, designated by the court, ten days at least before the order therefor is passed; and the pendency of any suit at law or in equity, by or against such third persons, shall not postpone such division and distribution, except so far as the assets may be necessary to satisfy the same; and all the proceedings in bankruptcy in each case shall, if prac- _ Proceedings, ticable, be finally adjusted, settled, and brought to a close, by the court, gPY?°**§*P1‘°· *0 within two years after the decree declaring the bankruptcy. And where ygaigse m M0 any creditor shall not have proved his debt until a dividend or distribu- Debts not tion shall have been made and declared, he shall be entitled to be §F°."°d “““la . . · - · - ividend has paid the same amount, pro rata, out of the remaining dividends or dns- been made, tributions thereafter made, as the other creditors have already received, how no be paid, before the latter shall be entitled to any portion thereof: Sec. 11. And be it further enacted, That the assignee shall have full Assignee, by authority, by and under the order and direction of the proper court in gag: 0;,3**28- bankruptcy, to redeem and discharge any mortgage or other pledge, or d8€m’m,dydiS_ deposite, or lien upon any property, real or personal, whether payable charge any in presenti or at a future day, and to tender a due performance of the m°"g“€?¤ &°· conditions thereof And such assignee shall also have authority, by and And compound under the order and direction of the proper court in bankruptcy, to debts, &¤.due compound any debts, or other claims, or securities due or belonging to *h° ‘*S‘°"· the estate of the bankrupt; but no such order or direction shall be made until notice of the application is given in some public newspaper in the district, to be designated by the court, ten days at least before the hearlillg, S0 that all creditors and other persons in interest muy appear and show cause, if any they have, at the hearing, why the order or drrectron should not be passed. ' Sec. 12. And be it further enacted, That iii any person, who shall fersons once have been discharged under this act, shall afterward become bankrupt, <;:;;l?;’g;gél;’f· he shall not again be entitled to a discharge under this act, unless ‘h1$ mms fgm, not estate shall produce (after all charges) sufhcient to pay every credxtor mbediseharged Seventy-five per cent. on the amount of the debt which shall have been ¤¤l€5S» &·°· allowed to each creditor.