Page:United States Statutes at Large Volume 44 Part 1.djvu/268

 § ‘ 101 TITLE 11.-MBA} jndginent or transfer then operate asa a preference, the 1 person nreceiving it or to She beneflted thereby, or his agent- ,l acting therein, shall then have reasonable cauee to belleye that < the enforcement of such judment or transfer would effect a 1 preference, it shall be `yoldable by the trustee land he may z recover the `promrty or its value frombsnch person, And for 2 the purpow of such? recovery any courtof bankruptcy, as here·· t inhefore·de1ined,` and any Stat! court which would have had'·s jurisdiction ifbankruptcy had not intervened, shall have con-; I current jurisdiction; _. "  . * _- ‘   `_ _ . _ (c) If acreditor has béén preferred, and afterwards in good f faitheives the debtor further credit without security of any i kind for property which becomes at part of the debtoxfs estates, * the amount of such new credit remaining unpaid at the time of the adjudication in bankruptcy may be set off against the -* anleunt which would otherwise be recoverable from hiin. -h I ` (d) If a debtor shall, directly or indirectly, in- contemplation I dof the filing of a petition by or, against. him, pay money or- si transfer property to an attorney and counselor at; law, solicitor 1 in equity, or proctor in admiralty for servicesto be‘rendered,- ‘* the 'transaction shall be reexamined by the court on petition ot * `the trustee or any creditor and shall only beheld valid `tolthe Y extent of a »reaso¤{&ble`amount to be determined, by the court, and the excess may be recovered by the trustee for the benefit N! of the estate. ‘ (July 1, 1898, c. 5·11,°·§·60, 30 Stat. 562; Feb; 5, ,5 {1903, c. 487, ~§ 13. 32 Stat. 799; June .25, 191Q, c. 412, 5- 11, 36 § Sta;. 842) " ~ ’ __ _.* . c I Chapter 7.-ESTATES. ‘ .é 101. Deposltorles for" money. _ __ ( 102. Expenses of adxninlstrationf t 103. Debt?. provable against. j 104. Debts which have,pri·ority. . _ J 105. Declaration and payment of dividends. _ 196. Unclaimed dividends. -· — I · * _ 197. Liens, conveyances, transfers, and assignments; validity-of. t 108. Set~‘o!fe and counterclaiine, - _ ‘ I é-109. Property; seizure to avoid deterioration. I 110. Samertitle. - -. 111. Records; duty_`o£ clcrha to keep; inspection, ._ -_ _ `_ J 112. Restriction of compensation of referees, receivers, and trustees. l Section _~ 101. Depoaitories for-·money.—·-Courts of bankruptcy S ahall designate, by_ order, banking institutions ‘ as deposltoi‘ies I for the money of bankrupt estates, as convenlent as may be. G ( to the Igeeidences of “ truahm, and shall` require bonds to the I ‘ United States, subject to their approval, to be given by such banking institutions, and `may from time to time as pccasion : rnay require, by like order increase the nuxnber of depositories t orc the amount of any bond ‘ or change. 'such deposltories. t (July 1, 1898, c. 541, §' 61, 30 Stat. 562.) - _ _ · ‘ I 192. Expensw of administration.-——·'I‘he actual and necessary I expenses. incurred by oiilcers in the administration of eatates I shall, except where other provisions are made for their pay- B · ment, be reported in detail, under mth, and exainined and as approved or disapproved by the court. It approved, they shall 3 be paid or allowed out. of the estates in which, they were .1 , incurred. ‘ (July 1, 18%, c. 541, §' 62, 30`Stat. 562.) _ · ` _ 103. Debts provable against.---(a) -Debts` of the, bankrupt 0 y may be proved and allowed against his estate which are (1) a .l· ilxed liability, as evldencai by a judgment or an instrument in writing, absolutely owing at the time ot the Hllng of the a petition against him, whether then payable or not, with any ti interest thereon which would have been recoverable at that s date or with a rebate otlntereat upon uch as were not then e payable and did not bear interest; (2) due as coats taxable. d against an involuntary bankrupt who was ‘¤t the time of the xa Bling of the petition against him plalntlil in a cause of action- e which would pass to the trustee and which the trustee b

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 * 0 prosecute after notice; (3) founded upon as claimvfor texane .costs_ incurred in good faith bi R °¢l'€dit01Y before the {mm;

>t a petition in an action to recover a provable debt; (4)·foundt—·l mqn an open; accouathor upon 8. coutwtt eipress or implied; md ·(5) founded upon provable debts reduced to judgments after the filing of the petition and before the consideration of the bankrupt’s application for a discharge, less costs incurred and interest accrued after the filing of the petition and up to the time of the entry ot such judgments. (b) Unliquidated claims against the bankrupt may, pm; sham: to application to thecourt, be liquidated in such h1:mm·;_· ls it shall direct, and maj thereaftef be proved. and allowell igaqihst the estate. V(July`1,·1898,_c. 5-11, ·§ E63, 36 Stat. 562.) 104, Debts which have prio1¤ity.—5(a) The courtx shall order wankrupt to the United - States; State, county, district, wecuuuicipality in advance iof the payment ofdivldends to cr¢=<l'i=· iors, and upon. filixiglthelrécclpts Qf,th€‘pl‘Qp€I‘ public oiliclqg _ for such payment he. shall be oredltéd with the amount thereof, uid in case auyiquestion arises as to the amou¤t_o;· legality if any such tax the same shall be heard and determined by hecourta    ` (b) The debts 'to. have priority, except us- herein` providm, " mdto be Paid in ‘fu11 out_ of bankrupt estates, and the order nf payment»shalr be (1) the actual and uecwry eost of preserving the estate subsequenf to. Hllng the petition; (2) the filing fees paid by creditors in involuntary cases, and, where property of the bankrupt, transferred or concealed by him either before or after the filing of the petition, shall have been recovered for, the benefit of the estate of the bankrupt by the efforts and at the expense of one or more creditors, the reasonable expenses or such recovery; (3) the cost of administration, including the {ees and mileage payablejto witn&s·as on July l, 1898; or thereafter provided by the laws of the United States, and one reasonable attorney's fee, for the professional services actually rendered, irrespective of the number of attorneys employed, to the petitioning creditors in involuntary cases; to the aankrupt in involuntary cases while `performing the duties: xerein prescribed, and to the bankrupt iq voluntary mscs, aszhe court may allow; _ (4) wages due to svorkmen, elerks, raveling or city salesmen, or servahts which have beep eamtu vithih three mo;1ths` before the date of the com@cement of _ rroceedings, not to exceed $300 to each claixusati and (5) debts wving to any person who byfthe laws of the States or the Jnited States is entitled to priority. ` ‘ . _~ _ (c) Inl the event of the conhrmatlou. of a composition being; =et_ tadde, or a__ discharge- revoked, the piopertyi acquired- by he bankrupt in addition to`his estate at the- time the composiion was condmied or the adjudication was made shall be all- »lied to the payment in full of the claims of éreditors for rroperty sold to him on credit, in good faith, while suehpcomwsitlionl 01'·` disehargeivas in force, and. the residue, if all?. hall be applied to the paymentiot the debts whlchkvere `owins: nt the time of the—adjudlcation._ (July 1,1%, c. 541, § 64. t0 Stat. 5%; Feb. 5, 1906, c. 487, Q 14,_ 32.S_tat.`S00; June 15, .906, @3333,34 Stat.267.) _‘ · _ `. I _,· V ·. 105. Declaration and payment of dividends.-—(a) Dividends a- »t·au equal pen centmu shall be declared and paid on all alqwed clalmsQ except such as have "prioritytor are secured. "(b)¤ The first dividend shall be_declax7ed_withl¤ t11i_l't_y days lfter the adjudication, it the xaoneyot the estate in egreess qi he amount- necessary to paythe debts which have pnjlority mult uch claims as have uot.heen,· but probably vvill be, allowed quals 5 per ceutum or more of such allowed claims. Divi: lends subsequent to the Host shall beAee1ared· upon like terms _ .s the first and as often as the amount shall equal 10-per - eutum or more and upon elosiug the estate. Dividends may e declared ottener and in smaller proportions it the J¤d§€
 * he trustee to pay all taxes legally due [and. ovviug by me