Page:United States Statutes at Large Volume 48 Part 1.djvu/1316

 1290 73d C ONGRESS. SESS. II. CH. 869. JUNE 28, 1934 . re Pr ior lie ns, eet c ., to inferior to all prior liens, pledges, or encumbrances. Such prior liens, pledges, or encumbrances shall remain in full force and effect, and the property covered by such prior liens, pledges, or encum- brances shall be subject to the payment of the claims of the secured creditors holding such prior liens, pledges, or encumbrances up to the actual value of such property as fixed by the appraisal provided Liens on livestock. for herein. All liens herein on livestock shall cover all increase, and all liens on real property shall cover all rental received or crops grown thereon by the debtor, as security for the payment of any sum tha t may be due or past due un der the terms and provision s of the next paragraph, until the full value of any such particular prop- erty has been paid. sale of bankrupt " ( 3) Upon request of the debtor, and with the consent of the lien estate to dehtor. holder or lien holders, the trustee, after the order is made setting aside to the debtor his exemptions, shall agree to sell to the debtor any part, parcel, or all of the remainder of the bankrupt estate at the appraised value upon the following terms and conditions, and upon such other conditions as in the judgment of the trustee shall be fair and equitable Payments . "a. Payment of 1 per centum interest upon the appraised price within one year from the date of said agreement. " b . Payment of 21/2 per centum of the appraised price within two years fro m the date of said agreemen t . " c. Payment of an additional 21/2 per centum of the appraised price wit hin three year s from the da te of said ag reement. " d . Payment of an additional 5 per centum of the appraised price within four years from the date of said agreement . " e. Payment of an additional 5 per centum of the appraised price within five years from the date of said agreement. f. Payment of the remaining unpaid balance of the appraised price within six years from the date of said agreement. Interest . " Interest shall be paid on the appraised price and unpaid balances of the appraised price yearly as it accrues at the rate of 1 per centum per annum and all taxes shall be paid by the debtor . Proceeds, etc., to " The proceeds of such payments on the appraised price and credit of lien holders. interest shall be paid to the lien holders as their interests may appear, and to the trustee of the unsecured creditors, as their interests may appear, if a trustee is appointed. Disposal of property "(4) An agreement having been reached as provided in subsection required . debtor, payments (3), the debtor may consume or dispose of any part or parcel or all of said property whether covered by the general lien to the trustee, if a trustee is appointed, or subject to pledges or prior liens or encumbrances held by secured creditors, provided he pays the appraised value of such part or parcel or all, as the case may be, to the secured creditors, as their interests may appear, and the trustee of the unsecured creditors, as his interests may appear, if a trustee Bond . is appointed, or he may put up a bond approved by the referee in bankruptcy tha t he will mak e payments, a s provided for herein, of any property so consumed or disposed of . Enforcement of "(5) In case the debtor fails to make any payments, as herein aultof payment. of de- provided, to any or all of the secured creditors or to the trustee of the unsecured creditors, then such secured creditors or the trustee may proceed to enforce their pledge, lien, or encumbrances in accord- ance with law. It shall be the duty of the secured creditors and of the tru stee of the un secure d credi tors to disch arge al l liens of re cord in accordance with law, whenever the debtor has paid the appraised value of any part, parcel, or all of his property as herein provided. Diseharge upon eom- "(6) Having complied with the provisions of subsection (3), the pleting ohligation . debtor may apply for his discharge as provided in this Act.