Page:United States Statutes at Large Volume 49 Part 1.djvu/988

 74TH CONGRESS. SESS. I. CH. 792. AUGUST 28, 1935 . 943 of the courts, the title, powers, and duties of its officers, the duties of the farmer, and the rights and liabilities of creditors, and of all persons with respect to the property of the farmer and the juris- diction of the appellate courts, shall be the same as if a voluntary petition for adjudication had been filed and a decree of adjudication had been entered on the day when the farmer's petition, asking to be adjudged a bankrupt, was filed with the clerk of court or left with the conciliation commissioner for the purpose of forwarding same to the clerk of court ." SEC. 5. That section 75 of said Act, as amended, be further c' 0,1. 3ss.p . 1473; U. S. amended by amending subsection (p) to read as follows "(p) The prohibitions of subsection (o) shall apply to all judicial Applicationofenum. crated prohibit ions. or officia l proce edings i n any c ourt or under t he direc tion of any official, and shall apply to all creditors, public or private, and to all of the debtor's property, wherever located. All such property shall be under the sole jurisdiction and control of the court in bankruptcy, and subject to the payment of the debtor farmer's creditors, as provided for in section 75 of this Act ." SEC . 6 . Th at section 75 of said Act, as amended, be f urther ame nded by addin g a new subse ctio n (s), after subsection (r), to read as follows "(s) Any farmer failing to obtain the acceptance of a majority in Amendment of peti. number and amount of all creditors whose claims are affected by a tion or answe r. composition and/or extension proposal, or if he feels aggrieved by the composition and/or extension, may amend his petition or answer, asking to be adjudged a bankrupt. Such farmer may, at the same Petition for appraisal time, or at the time of the first hearing, petition the court that all of prope rty . of his property, wherever located, whether pledged, encumbered, or unencu mbered, be appr aised, and that his un encumber ed exem ptions, and unencumbered interest or equity in his exemptions, as prescribed by State law, be set aside to him, and that he be allowed to retain poss ession, under t he supe rvision and con trol of the cou rt, of a ny part or parcel or all of the remainder of his property, including his encumbered exemptions, under the terms and conditions set forth in this section. Upon such a request being made, the referee, under p Appointment of ap- the juri sdict ion of th e co urt, shal l des igna te an d ap point app raise rs, as provided for in this Act. Such appraisers shall appraise all of Duties. the property of the debtor, wherever located, at its then fair and reasonable market value. The appraisals shall be made in all other respects with righ ts of objections, exceptio ns, and appeals, in accor d- ance with this Act : Proeoided, That in proceedings under this section, Proviso. either party may file objections, exceptions, and take appeals within Time for filing objec- tions, exceptions, etc . four months from the date that the referee approves the appraisal. "(1) After the value of the debtor's property shall have been fixed order setting e unencumbered xemp by the appraisal herein provided, the referee shall issue an order tions. settin g aside to such debtor his une ncumber ed exemp tions, and his unencumbered interest or equity in his exemptions, as prescribed by the State law, and shall further order that the possession, under the supervision and control of the court, of any part or parcel or all of t . Property to remain the remainder of the debtor's property shall remain in the debtor, odebtor. as here in provi ded for, subjec t to al l exist ing mort gages, liens, pled ges, or encum bran ces . All such existing mortgages, liens, mot aages, loansating pledges, or encumbrances shall remain in full force and effect, and the pr operty covered by such mortgag es, lie ns, pled ges, or encum- brances shall be subject to the payment of the claims of the secured creditors, as their interests may appear.