Page:United States Statutes at Large Volume 47 Part 1.djvu/1367

 '!2d C ONGRESS. SESS. II. CH. 128. F EBRUA RY 27, 1933 . 1343 i s rec orded as provided in this s ubchapter, and unl ess eithe r the in- ventory required by section 1674, or the inventory required of the Ante, p. 1342. assignee or assign ees by se ction 167 5 is file d in the manner pr ovided in this subchapter and within the time designated. SEC. 1678. BOND OF ASSIGNEES .- N o bond shall be given by the mar- Bond orassignees. steal, but he shall be liable on his official bond for the care and custody of the property while in his possession. Within forty days after date of the transfer by the marshal, the assignee must enter into a bond in such amount as may be fixed by the district judge, with sufficient sureties to be approved by such judge. and conditioned for the faithful discharge of the trust and the due accounting for all moneys re ceived by the assi gnee, whi ch bond m ust be fi led in th e same office with the inventory ; and any assignee failing to comply with the provisions of this section may be removed by the above-named court on petition of the assignor or any creditor, and his successor ap- pointed by such court. SEC. 1679. CONDITIONS OF DISPOSAL AND CONVERSION ; , PUBLICATION OF posal a nd co Comnd eo of dis nve.,ion. NOTICE BY ASSIGNEE ; DIVIDENDS ; RIGHTS OF MORT GAGE E .- Until a veri- fied inventory has been made and filed, either by the assignor or assignee, as required by the provisions of this subchapter, and the assignee has given the bend required by section 1678, such assignee has no authority to dispose of the property of the estate, or any part of it (except in the case of perishable property, which in his discre- tion he may dispose of at any time and receive the proceeds of sale thereof) ; nor has lie power to convert the property, or the proceeds of any sale of perishable property, to the purposes of the trust. Publication or notice Within ten days after the filing of nuns bond, the assignee must by assignee commence the publication (and such publication shall continue at least once a week for four weeks), in some newspaper of general cir- culation in the Ca nal Zone, of a not ice to cr editors o f the ass ignor, stating the fact and date of the assignment, and requiring all persons having claims against the assignor to exhibit them, with the neces- sary vouchers, a nd verified by th e oath of the c reditor, to t h e assignee, at his place of residence or business, to be specified in the notice he shall also, within ten days after the first publication of said notice, mail a copy of such notice to each creditor whose name is given in the instrument of assignment, at the address therein given, ,, After such notice is given, a copy thereof, with affidavit of due pucation and mailing, must be filed with the registrar of property with whom the inventory has been filed, which affidavit shall be prima facie evidence of the facts stated therein. At any time, or from time to time, after the expiration of thirty Divi den ds. days from the first publication of said notice (provided the same shall also have been mai led as in this sec tion prov ided), th e assigne e may, in his discretion, declare and pay dividends to the creditors whose claims have been presented and allowed. No dividend already de- men ubsnt present. clared sh all be di sturbed b y reason of claims being su bsequentl y pre- sented and allowed ; but the creditor presenting such claim shall be entitled to a dividend equal to the per cent already declared and paid, before any further dividend is made : Provided, however, That there P-risos • be assets sufficient for that purpose : And provided, That the failure coodltions, to present such claim shall not have resulted from his own neglect, and he shall attach to such claim a statement, under oath, showing fully why the same was not before presented. When a creditor has a mortgage or pledge of property of the debtor, or a lien thereon, for securing the payment of a debt owing to him from the debtor, and shall not have conveyed, released, or delivered up such security to the ma rshal, as provided for by s ection 1664, he shall be admitted as a creditor only for the balance of the Ante, p.1340.
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