Page:United States Statutes at Large Volume 52.djvu/887

 846 Proviso. Petition fili than all gene ners. Proriso. Separate tr estateofagen nor. Jurisdictioi Accounts. Expenses. Partnershil ty and indiv tates, dispos net proceeds. ed by les same: Provided, however, That where a petition is filed in behalf ural part- of a partnership by less than all of the general partners, the peti- tion shall allege that the partnership is insolvent. A petition may be filed separately against a partnership or jointly against a part- nership and one or more or all of its general partners. appoint- trustee, who shall be the trustee of the individual estate of a general futeetorpartner being administered in the proceeding: Provided, however, eralrprt- That the creditors of a general partner adjudged a bankrupt may, upon cause shown, be permitted to appoint their separate trustee for his estate. In other respects, so far as possible, the partnership estate shall be administered as herein provided for other estates. "d. The court of bankruptcy which has jurisdiction of one of the general partners may have jurisdiction of all the general partners and of the administration of the partnership and individual property. "e. The trustee or trustees shall keep separate accounts of the partnership property and of the property belonging to the individual general partners. "f. The expenses shall be paid from the partnership property and the individual property in such proportions as the court shall determine. pdpor "g. The net proceeds of the partnership property shall be appro- ition of priated to the payment of the partnership debts and the net pro- ceeds of the individual estate of each general partner to the payment of his individual debts. Should any surplus remain of the property of any general partner after paying his individual debts, such sur- plus shall be added to the partnership assets and be applied to the payment of the partnership debts. Should any surplus of the part- nership property remain after paying the partnership debts, such surplus shall be distributed among the individual partners, general or limited, or added to the estates of the general partners, as the case may be, in the proportion of their respective interests in the partnership and in the order of distribution provided by the laws of the State applicable thereto. aulern . "h. The court may permit the proof of the claim of the partner- es, etc. ship estate against the individual estates, and vice versa, and may marshal the assets of the partnership estate and individual estates so as to prevent preferences and secure the equitable distribution of the property of the several estates. gebnr " i. Where all the general partners are adjudged bankrupt, the Judged. partnership shall also be adjudged bankrupt. In the event of one or more but not all of the general partners of a partnership being adjudged bankrupt, the partnership property shall not be administered in bankruptcy, unless by consent of the general partner or partners not adjudged bankrupt; but such general partner or partners not adjudged bankrupt shall settle the partnership business as expeditiously as its nature will permit and account for the interest of the general partner or partners adjudged bankrupt. partl "j. The discharge of a partnership shall not discharge the indi- vidual general partners thereof from the partnership debts. A general partner adjudged a bankrupt either in a joint or separate proceeding may, pursuant to the provisions of this Act, obtain a discharge from both his partnership and individual debts. rtner- "k. If a limited partnership is adjudged bankrupt, any limited partner who is individually liable under the laws of the United States or of any State for any of the partnership debts shall be deemed a general partner as to such debts and, if he is insolvent, Claim of ship estates ag dividual estal Partnershil rupt where al partners so a( Debts not by discharge nership. Limited pa hipa. PUBLIC LAWS-CH. 575-JUNE 22, 1938 [52 STAT.
 * C. The creditors of the bankrupt partnership shall appoint the

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