Page:United States Statutes at Large Volume 48 Part 1.djvu/1317

 73d C ONGRESS. SESS. II. CH. 869. JU NE 28, 1934 . "(7) If any secured creditor of the debtor, affected thereby, shall file written objections to the manner of payments and distribution of debtor's property as herein provided for, then the court, after having set asi de the debtor' s exem ptions as pres cribed by the State law, s hall stay all proceedings for a period of five years, during which five years the debtor shall retain possession of all or any part of his property, under the control of the court, provided he pays a reason- able rental annually for that part of the property of which he retains possession ; the first payment of such rental to be made within six months of the date of the order staying proceedings, such rental to be distributed among the secured and unsecured creditors, as their inter- ests may appear, under the provisions of this Act . At the end of five years, or prior thereto, the debtor may pay into court the ap- praised price of the property of which he retains possession : Pro- vided, That upon request of any lien holder on real estate the court shall cause a reappraisal of such real estate and the debtor may then pay the reappraised price, if acceptable to the lien holder, into the court, otherwise the original appraisal price shall be paid into court and ther eupon the cou rt shall, by an order, turn over full possession and title of said property to the debtor and he may apply for his discharge as provided for by this Act : Provided, however, That the provisions of this Act shall apply only to debts existing at the time this Act becomes effective. " If the debtor fails to comply with the provisions of this subection 1 the court may order the trustee to sell the property as provided in this Act." Approved, June 28, 1934. I So in original. 1291 Court to stay pro- ceedings for 5 year s u pon c redi tors' ohj ec- tions to manner of pay- ments, etc. Debtor to retain pos- session upon payment of rental. Payment hy debtor. Provisos . Lien holder may ask reappraisal. Exi sting debts only, affected. Court may order trustee to sell, if terms not complied with.