Page:United States Statutes at Large Volume 47 Part 1.djvu/1366

 1342 Caoss REFERENCE Ante, p.1341. R ecordin g of ass ignment s, see sections 1671 a nd 1676. Assignee takes, sub- SEC. 1673 . ASSIGNEE TAKES, SUBJECT TO RIGHTS OF THIRD PARTIES.- par tƒ rights ƒi third patties. An assignee for the benefit of creditors is not to be regarded as a purchaser for value, and has no greater rights than his assignor had, in res pect to things i n action transfe rred by t he assig nment. Inventory required. SEC. 1674 . INVENTORY REQUIRED.Within tw enty days aft er -an assignment is made for the benefit of creditors, the assignor must make and file, in the manner prescribed by section 1676, a full and true inventory, showing : 1 . All the creditors of the assignor ; 2 . The place of residence of each creditor, if known to the assignor, or if not known, that fact must be stated ; 3 . The sum owing to each creditor and the nature of each debt or liability, whether arising on written security, account, or otherwise ; 4. The true consideration of the liability in each case, and the place where it arose ; 5 . Every existing judgment, mortgage, or other security for the paymen t of any debt or liabili ty of th e assigno r ; 6 . All property of the assignor at the date of the a, which is exempt by law from execution ; and 7. All of the assignor's property at the date of the assignment, of every kind, mot so exempt, and the encumbrances existing thereon. .and all vouchers and securities relating thereto, and the value of such property sccording to the best knowledge of the assignor. Affidavit o1 assignor SEC 1675 AFFIDAVIT OF ASSIGNOR TO BE FILED WITH INVR'N'TSOEY : torye aced with inrsn- iffIdavit must be made by every assignor executing an assignment for the benefit of creditors, to be annexed to and filed with the inven- tor mentioned in section 1674, to the effect that the same is in all respects just and true according to the best of such assignor's knowl- edge and belief. I f the as signor n eglects or refus es to ma ke and fi le such inventor y and affidavit within said twenty days, the assignment shall not, for that reason, be affected in any way, but in that event the assignee or assignees elected by the creditors shall within twenty days thereafter make and file i n the office o f the re gistrar of prope rty, a v erified inventory of all asse ts received by them ; and such ass ignee or assignees may at any time, or from time to time, after the transfer to them by the marshal, by petition to the district court, cause the assigno r, by or der or ci tation t o appear before said cou rt, or a com- mission er or re feree to be appoi nted by it, at a time an d place to be designated in the order or citation, to be examined touching the matters mentioned in section 1674, and any other matters relative to the ass ignment, and to h ave with hint al l books of accou nt, vouc hers, and papers relating to the assigned property ; and such court may by its order require the surrender to such assignee or assignees of such books, vouchers, and papers to be by them retained until their trust is fully completed and performed. Recording assign- SEC. 1676. RECORDING ASSIGNMENT AND FILING INVENTORY.-An meyt and filing ""`n- assig nment for t he be nefit of c redito rs mu st be recor ded, and t he inventory required by section 1674 fil ed with the registrar of prope rty. CROSS R EFFRFNCE Ante, p. 1341 . Recording of assignment, see sections 1671 and 1672. When assignment SEC. 1677. ASSIGNMENT, WHEN VOID .-An assignment for the bene- void, fit of creditors is void against creditors of the assignor and against purchasers and encumbrancers in good faith and for value unless it 72d CONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933. -a n be rxe,