Page:United States Statutes at Large Volume 47 Part 1.djvu/991

 72d C ONGRESS. SESS. II. CH. 127 . FEBRUARY 27, 1933 . 967 creditors, or the successors and assigns of such transferee or grantee, m ay se ll, e ncumb er, tr ansfe r, co nvey, mortg age, pledge, or other - wise dispose of the property, or any part thereof, which is alleged to have been transferred or conveyed to hinder, delay, or defraud creditors, so that the purchaser, encumbrances, transferee, mortgagee, grantee, or pledges of such property, will take, own, hold, and possess such property unaffected by such action and suit, or the judgment which may be ren dered ther ein. SEC. 341 . CONDITIONS of uNDERTA1UNO .-Such undertaking with Conditions of. two sureties shall be executed by the transferee or grantee to whom it is alleged the property was transferred or conveyed to hinder, delay, or defraud creditors, or the successor or assign of such trans- feree or grantee, in double the estimated value of the property so alleged to have been transferred or conveyed ; provided, in no case need such undertaking be for a greater sum than double the amount of the debt or liability alleged to be d ue and o wing to the plai ntiff in such action, commenced to set aside said transfer and conveyance and where such estim ated value of th e pro perty alleg ed so to h ave been conveyed is less than the sum alleged to be due and owin to the plaintiff in the action, such estimated value shall be state in the undertaking, and said undertaking shall be conditioned that, if it be adjudged in said action that the transfer or conveyance was made to hinder, delay, or defraud a creditor or creditors, then that the transfe ree or g rantee or the sai d succes sor or a ssigns o f such t rans- feree or grantee giving such undertaking, will pay to the plaintiff in said action a sum equal to the value, as the same is estimated in said undertaking, of said property alleged to have been transferred or con veyed to hinder, delay, or defra ud credit ors, not exceedi ng the sum alleged to be due and owing to the plaintiff in the action. SEC. 342. FILING AND SERVING UNDERTAKING .-Said undertaking Flit†a and serving. shall be filed in the action in which said execution issued and a copy thereo f served upon th e plaint iff or h is attorn ey in sa id actio n. SEC. 343 . OBJECTIONS TO suRETIEs.-Within ten days after service Ob ieoao ns to sure. of the -copy of undertaking the plaintiff may object to such under- ties. taking on the ground o f inabil ity of t he sureti es, or e ither of them, to pay the sum for which they become bound in said undertaking, and upon the ground that the estimated value of the property therein is less than the market value of such property. Such objection to the undertaking shall be made in writing, specifying the ground or grounds of objection, and if the objection is made to the under- taking that the estimated value therein is less than the market value of the property, such objection shall specify the plaintiff's estimate of the market value of- the property. Such written objec- tion s hall be served u pon the said tra nsferee o r grante e, or th e suc- cessor or assigns of such transferee or grantee giving such under- taking. SEC. 344. JUSTIFICATION OF SURETIES ; APPROVAL AND DISAPPROVAL lustifeation of sure. OF UNDERTAKING.-When the sureties or either of them are objected approva] 1O of and the surety or sureties so objected to shall justify before the court t a1s~g' in which the action is commenced, upon ten days' notice of the time when they will so justify being given to the plaintiff, or plaintiff's attorney. Upon the hearing and examination into the sufficiency of a sure ty, witnesses may be required to attend and evidence may be procured and introduced in the same manner as in trial of civil cases. Upon such hearing and examination the court shall mak e its or der, in writing, approvi ng or dis approvin g the su fficienc y of the sureties or surety on such undertaking. In case the court disapproves of the surety or sureties on any undertaking, a new undertaking may be filed and served, and to any undertaking given