Page:United States Statutes at Large Volume 18 Part 1.djvu/1047

 nm. rxr.-BANKRUPTCY.-.0H. 4. 975 Sec. 5056. No person shall be entitled to maintain an action against Netiee prier te an assignee in bankruptcy for anything done by him as such assignee, S."" *‘g‘““‘" M" without previously giving him twenty days’ notice of such action, speci- im.1gn88` -.. H fying the cause thereof, to the end that such assignee may have an 11>1<1-.¤·14.1>·522- opportunity of tendering] amends, should he see fit to do so. bac. 5057. No suit, eit er at law or in equity, shall be maintainable in '1`1P¤€ ¤f wmany court between an assignee in bankruptcy and a person claiming an ““*“°mg 8“‘°“‘ adverse interest, touching any property or rights of property transferable "ibid S ., 5,8 to or vested in such assignee, unless brought within two years from the 1 e -`T__;£,._f time when the cause of action accrued for or against such assignee. And sedqwick ,-, (jathis provision shall not in any case revive a right of action barred at the Sey. 4 Bank. Reg., time when an assignee is appointed.  {g';Q1§1°*· 180; In re Krogman, 5 Bank. Reg., 116; Peiper r. Harmer, 5 Bank. Regl, 25; ljavgzrl Anderson, 6 Bank. R.eg.,145; Bailey, assignee, v. Glover et al., 21 Wall., 3-12; Hewett r. Norton, • \Voods, 68; Norton r. De La Villebeuve, 1 Woods, 163. Sec. 5058. The assignee shall keep a regular account of all money Aesigneefs acreceived by him as assignee, to which every creditor shall, at reasonable °°“‘¥l* of 11101*1*5* times, have free resort. r?°°w8d‘ _ 2 Mar., 1867, c. 176, s. 15, v. 14, p. 524. 22 June, 1874, c. 390, .2. 19, r. 18, p. 185. Sec. 5059. The assignee shall, as soon as may be after receiving any Aeeignee he keep money belonging to the estate, deposit the same in some bank in his name m°“€Y and 8°"‘1* as assignee, or otherwise keep it distinct from all other money in his ppssession; and shall, as far as practicable, keep all goods and effects 2 MM;. 1867. e- longing to the estate separate from all other goods in his possession, or gg? "· 1* "· 14> P· designated by appropriate marks, so that they may be easi y and clearly “ ' distinguishe, an may not be liable to be taken as his property or for the payment of his debts. Sec. 5060. When it appears that the distribution of the estate may be 1`€mP0¤‘¤fY indelayed by litigation or other cause, the court may direct the temporary gigs;,'" " " t Of investment of the money belonging to such estate in securities to be   .- _ approved by the judge or register, or may authorize it to be deposited 11111 in any convenient bank, upon such interest, not exceeding the legal rate, Sedgwick .._ as the bank may contract with the assi nee to pay thereon. Place, 3 Ben., 360. Sec. 5061. The assignee, under the chrection of the court, may submit Arbitration. _ any controversy arising in the settlement of demands against the estate, 2 Mar., 1867, c. or of debts due to it, to the determination of arbitrators to be chosen by 176. e· 17. v- 14, p. him and the other dparty to the controversy, and, under such direction, xgé J _ · une, 1874, c. may compound an settle any such controversy, by agreement with the 390 ,._ 18 p_ u8_ other party, as he thinks proper and most for the interest of the creditors. m;;g#2 Ben., 100; In re Dibblee, 3 Ben., 354. Sec. 5062. The assignee shall sell all such unincumbered estate, real Aeeisnee to Sell and ersonal, which comes to his hands, on such terms as he thinks most P"°P*’"Y· for Sie interest of the creditors; but upon petition of any person inter- 2 Mar., 1867, e. ested, and for cause shown, the court may make such order concerning 176. ¤· 15. V- 14. D- the time, lace, and manner of sale as will, in his opinion, prove to the 52;, Jam, ,8,, _ . ., , (. interest of) the creditors. 390, ,.,,_ 1, 4, ,._ 18, . 178.-In re Troy Woolen Co., 8 Blatch., 465; In re Mott, 1 Bank. Reg., 9; In re Tlitchings, 4 Bank. Reg., 125; In re Ryon and Griffin, 6 Bank. Reg., 235; March r. Heaton, l Low., 278. Sec. 5063. Whenever it appears to the satisfaction of the court that $**1601 dieputed the title to any portion of an estate, real or personal, which has come 1w___, into possession of the assignee, or which is claimed by him, is in dispute, 2 Mar., 1867, c. the court may, upon the petition of the assignee, and after such notice gg. S- 25. "- 1‘*· P· to the claimant, his agent or attorney, as the court shall deem reasonable, +1-% order it to be sold, under the direction of the assignee, who shall hold B,£Q_h" ,gP§,l‘;·rk' the funds received in place of the estate disposed of; and the proceeds ,,0,, 2._"H€;,,,,,y of the sale shall be considered the measure of the value of the property Di11.,497;Penningin any suit or controversy between the parties in any court. But this ton v. Sale et al.,_\ provision shall not prevent the recovery of the property from the posses- ]1§‘:lk;ltR;’g·k, 15;} sion of the assignee by any proper action commenced at any time before Ame? 2 B,,',,,,: the court orders the sale. Reg., 147; Knight 1.. Cheney, 5 B’k Reg., 305.