Page:Federal Reporter, 1st Series, Volume 3.djvu/824

 TBUSTBK8 MUT. BXJILDIKa FUNS, WSO., V. BOSSBIUZ. 817 TaUSTBBS OF THE MuTUAL BuiLDlNG EuND & DoLLAB SaYINGS �Bank v. Bobsbiux and others, Directors, eto. (District Court, E. B. Virginia. Angust 17, 1880.) �1. Suit by Assignee in Bankruptot — Tbib in which it mat bb �Brou&ht. — It is aot necessary that a cause of action should originally accrue or arise within two yeara bef ore suit is brought by an assignee in bankruptcy. In, re Eldridge di Co. 2 Hughes, 256. �2. Same — Samb. — Suit may be brought by the assignee at any time within �two years af ter his appointment to office, provided the cause oi action existed at the time of the flling of the petition In bankruptcy. �3. Same — Limitations of thb Assigneb's Power of Suit — Rev, St. {} �5046, 5047, 5103.— Section 5046 of the Revised Statutes provides: "Ail the property conveyed by the bankrupt in fraud of his creditors; ail rights in equity, choses in actions, patent rights, and copyrights; ail debts due him, or any person for his use, and ail liens and securities theref or ; and ail rights of action which he had against any person aris- ing from contract, or for the unliiwful taking or detention or injury to the propertyof the bankrupt; and ail his rights of redeeming such prop- erty or eslate, together with the like right, title, power, and authority to sell, manage, dispose of, sue for, and recover or defend the same as the bankrupt might have had if no assignment had been made, shall, in virtue of the adjudication in bankruptcy, and the appointment of his assignee, but subject to the exceptions contained in the preceding section, be at once vested in such assignee." Section 5047 provides that such assignee shall bave the like remedy to recover ail the estate, debts, and eflects in his own name as the debtor might have had if he bad remained solvent. And section 5103 provides that trustees in bankruptcy shall have ail the rights and powers of assignees in bank- ruptcy. �Hdd, that the assignee's power of suit is so far limited under section 5046 that (1) the thing sought to be recovered must be such as, when recovered, shall be assets of the estate ; and (2) that the action brought must not be an action of tort for damages, such as at common law is Btrictly Personal, and dies with the person. �4. Suit bt Trustees in Baneruptot— Bakk Diiîkctors— Neolioence �— Rbt. 8t. 4 5046. — Ildd, further, that a suit by the trustees ih bank- ruptcy of a bankrupt bank, against the directors of the corporation, to recover the losses incurred by the gross negligence of such directors, falls within the broad terms of said section 5046. �6. Same— Same — Equitable Relibf. — Eeld, further, that such suit may be brought in equity. v.3,no.U— 52 ����