Page:United States Statutes at Large Volume 31.djvu/1309

 FIFTY-SIXTH CONGRESS. Sess. H. Ch. 854. 1901. 1257 his knowledge, and also a list of his creditors, their respective residences and places of business, if known, and the amounts of their respective demands; but such inventory shall not be conclusive as to the amount of the, debtor’s estate, and such assignment shall vest inf the assignee the title to any other property, except what is legally exempt, belongin to the debtor at the time of making the assignment and comprehended within the general terms of the same. Sec. 436. The assignee in every such assignment shall ·be a resident detgfggngtf Eggs; of the District of Columbia, his assent shall ap ear in writing in, or ment to beleackiiowlat the end of, or indorsed on, the assignment, and) the assignment shall edged be invalid unless duly acknowledged and recorded within five days after its execution in the land records of the said District. The trust created by such assignment shall be executed under the supervision and control of the supreme court of the District of Columbia. Sec. 437. BOND OF AsS1GNEE.—Immediately upon the filing of such B°¤d 0* *-*S¤i€¤€°- assignment for record it shall be the duty of the assigjnee to execute and tile in the clerk’s office of the supreme court of· the District his bond to the United States, in an amount and with security to be approved by the justice holding the equity court, conditioned for the faithful performance of his duties according to law, and said court may from time to time require said assignee, or any trustee appointed in his place, to give additional security whenever the interests of the creditors demand the same. Sec. 438. Arrorivrmnivr nr COURT.——If the assignee named in any aS§;{g‘g§;}jd §;§;;D,n‘;€ such assignment shall fail or refuse to comply with any of the require- ment of trustee by ments aforesaid, the justice holding the equity court may, on the ew"' application of the assignor or any creditor interested in such assignment, remove said assig·nee and appoint a trustee in his place to execute the trusts created by said assignment. who shall give bond as the court may require. And said court shall have_power to accept the resignation of any assignee or trustee, and in case of his resignation, death, or removal from the District to appoint a trustee in his place. The court shall also have power, for cause shown, on the application of any surety, creditor, or other person interested, to remove any assignee or trustee and appoint a trustee in his place, and to make and enforce all orders necessary to put the newly appointed trustee in possession of all property, moneys, books, papers, and other effects covered by the assignment. And in case of the death of any assignee or trustee the court inay require his executor or administrator to settle the account of said assignee or trustee and to deliver over to his successor all property and other effects belongin to the trust, in default of which said successor may bring suit upon tilde bond of said deceased assignee or trustee. Sec. 439. DUTIES or Ass1e1<EE.—It shall be the duty of the assignee D¤¤€S°f assigmeor trustee, after giving bond as aforesaid, to collect and take into his possession all the property and effects covered by the assignment, and t to that end he may bring suit in his own name to recover debts due or ~ property belonging to the assignor and embraced in tho assignment. And the court may require the assignor to be examined under oath touching his said property, and may pass all orders necessary to prevent any fraudulent transfer of or change in the property of the assignor. The said assignee or trustee shall return inventories of the assets coming to his hands and, under the direction of the court. sell and dispose of the same, and his conveyance of any property of the assignor, real or personal, shall transfer the entire title of the assignor therein to any purchaser. When the assets have been converted into money the said assignee or trustee shall settle his accounts and make distribution among the creditors, under the direction of the court, according to the usual course of proceeding in equity in creditor’s suits.