Page:United States Statutes at Large Volume 47 Part 1.djvu/1363

 72d C ONGRESS. SESS. II. CH. 128 . FEBR UARY 27, 1933. and against any person upon whom the estate of the debtor devolve, in trust for the benefit of others than the debtor. SEC. 1660. TRANSFERS PRESUMED FRAUDULENT .-Every transfer of personal property, other than a thing in action, or a ship of cargo at sea or in a foreign port, and every lien thereon, other than a mortgage, when allowed by law, and a contract of bottomry or respondentia, is conclusively presumed if made by a person having at the time the possession or control of the property, and not accom- panied by a n immediate delivery, and followed by an actual and continued change of possession of the things transferred, to be fraudulent, and therefore void, against those who are his creditors while he remains in possession, and the successors in interest of such creditors, and against any persons on whom his estate devolves in trust for the benefit of others than himself, and against purchasers or encumbrancers in good faith subsequent to the transfer : Pro- vided, however, That the provisions of this section shall not apply or extend to any sale, transfer, assignment, or mortgage made under the direction or order of a court of competent jurisdiction or by any executor, administrator, guardian, receiver, or other officer or person acting in the regular and proper discharge of official duty or in the discharge of any trust imposed upon him by law, nor to any transfer or assignment, statutory or otherwise, made for the benefit of cred- itors, generally, nor to any sale, transfer, assignment, or mortgage of any property exempt from execution. CROSS REFERENcE Chattel mortgage, when void as to creditors and purchasers, see section 1356. Ante, p. 1302. SEC. 1661. CREDITOR'S RIGHT MUST BE JUDICIALLY ASCERTAINED.-A Creditor's right must creditor can avoid the act or obligation of his debtor_ for fraud only rained d'o'py rice r where the fraud obstructs the enforcement, by legal process, of his right to take the property affected by the transfer or obligation. ASSIGNMENTS FOR BENEFIT OF CREDITORS Assignment for bene- fit of creditors. SEC. 1662. WH EN DEBTOR MAY EBECULL ASSIGNMENT .-An insolvent Wh en debtor may deb tor may in good faith execute an ass ignm ent of p rope rty in ..a cut e. trust for the satisfaction of his creditors, in conformity to the pro- visions of this subchapter ; subject, however, to the provisions of this code relative to trusts and fraudulent transfers, and to the restrictions imposed by law upon assignments by special partner- ships, or by other specific classes or persons. CROSS REFFRFNCE Partner can not assign, see section 11 03 (1) . Ante, p .1272 Transfers presumed fraudulent. Proviso. when not applicable SEC. 1663. FORM OF ASSIGNMENT .- E v er y such assignment shall Form of. contain a list of the names of the creditors of the assignor, and their places of residence and amounts of their respective demands, and the amounts and nature of any security therefor ; and shal l, subject to the other provisions of this subchapter, be made to the marshal of the Canal Zone. CRO SS REFRRENCE Form of assignment, see section 10 71 . Post, p. 1341. SEC. 1664. CUS TO DY OF PROPERTY ; CREDITORS MEETING AND NOTICE Custody of property. THEREOF ; ELECTION OF ASSIGNEE .-The marshal shall forthwith take possession of all the property so assigned to him, and keep the same till delivered by him, as hereinafter provided. When the assign- ment has been made, as hereinbefore provided, the marshal shall 1339