Page:United States Statutes at Large Volume 44 Part 1.djvu/1936

 _§l‘l0 avrw 11,-·-4 reasename diligence; and the court, upon rcvesting the bankrupttwith such title, shall direct the trustee to execute proper ( instru@ts of transfer to fmake thesame eEective in law and upon the records; (3) ipowers` which he might have exercised. fer- his `own benedt, but not those which he might have, exercised for some other persons ;i_ (-1) property trans-J {erred by hirn in 'fraud of his creditors; (5) property which prior to the dling of the petition he could by any 'means have transferred or which might have been levied upon and; sold under judicial procwsé against him. When any. bankrupt shall have any insurance policy which has a cash surrender. value payable to himself, his estate, or personal. represetitatives} he may, within thirty Hays after the cash surrender value has been ascertained; and stated to the trustee., by the company issuing the same, pay or secure -_ to the trustee the- sum · so ascertained and statefl. and continue (to hold, own, and carry such policy free from the claims of the creditors·partici;»a,ti11g in the distribution of his estate under. the bankruptcy proceedings, otherwise the policy shall pass to the trustee as i assets; and (6) rights of action arising upon contracts orairom the unlawful taking or detention of, or injury to,- his property.- ..(h) All real and personal property belonging to bankrupt estates shall be appraised by, three disinterested appraisers: they shall be appointed by, and report to, the court. lteal and - personal property shall; `whcn practicable, be sold subject to the approval of’the court; `it shall not be sold otherwise than subject. to the. approval or the court for less than 75 per centnm of its appraised value. · l ’ ’ ‘ ‘ t ‘

BANKItL·'I’T(}Y 1922 (c) The title to property of a lvanlxruptheatate which has Lbeen sold, as provided in this title, shall be conveyed to the purchaser by_ the trustee; ’, . ‘ » _ (d) Whenever a eompoaltion shall he set aside,. or discharge _ revoked, the trustee Sahall, upon his appointment and qualiti- · cation, be v,ested_ as provided in this tltle with the tltle to all ot » the propcrtyof thebankrupt asof the tkte of the Hua! dkrw eotting aside tlnepornposition or revoking the discharge. -· ` (e_) The trustee may avoid any traaater by thebunkrupt ot _ his property which any creditor of such haakrapt might have avoided; and may recover the property so `traaaferred, or ite value, from the person to whom it was traaeterred, unless he ’ was a bona tide holder for value prior to the cwte ol the adjudi- ¥.cation.. ,Sueh property lmay he recovered or its, value eollevteel ~ from whoever may have received it, eiceptyn  Me  tor value. `Forthe purpmaeot such reeoverjr any court ot bankruptcyas denned. in" thietitle, and any State courfwhlch‘woax1d- have had jurlsglietiou if bankruptcy had not intervened, shan have conk;urrent·juri¤;dietion.` I _ ’ — ’ . e (f) Upon the eontlrrnation of a eomposition o§ered by a -- bankrupt. the title tohis property shall thereupon revest in him. (July 1. 1898. c. 541, § 70,30 Stat. 565; Feb. 5. 1903. cx-L8?. §` 16, 32 Stat. 800 ; May 27, 1926, ·c. 406Z § 16.-$4 Rtat. ($7.) ‘_ -s•eti•¤ 110 at Title it •ie••ld.·—Sectton' 70 or Aetjor July- 1. 1898I c. 541, 30 Stat. 565. and Acts amendatori thereof and sup- . ‘ plementauy thereto. constituting { 110 of Tttlell of tk Code. has been amended by Act of May 27. 1926,- c. 406, S 16. 44 Stat. l_ ,667, to read as above. The amendment relates to pareuavh te;. subdivision (2). ‘