Page:United States Statutes at Large Volume 52.djvu/923

 PUBLIC LAWS-CH. 575--JUNE 22, 1938 "(5) A person asserting the validity of a transfer under this subdivision shall have the burden of proof. Except as other- wise provided in this subdivision and in subdivision g of sec- tion 21 of this Act, no transfer by or in behalf of the bankrupt after the date of bankruptcy shall be valid against the trustee: Negotiability of Provided, however, That nothing in this Act shall impair the currency or negoti- negotiability of currency or negotiable instruments. able instruments. Designated transfer, "e. (1) A transfer made or suffered or obligation incurred by a tetvoi dbtaagainst debtor adjudged a bankrupt under this Act which, under any Federal or State law applicable thereto, is fraudulent as against or voidable for any other reason by any creditor of the debtor, having a claim provable under this Act, shall be null and void as against the trustee of such debtor. Propert y to remin "(2) All property of the debtor affected by any such transfer shall be and remain a part of his assets and estate, discharged and released from such transfer and shall pass to, and every such transfer or obligation shall be avoided by, the trustee for the benefit of the Recovery. estate. The trustee shall reclaim and recover such property or collect its value from and avoid such transfer or obligation against whomever may hold or have received it, except a person as to whom the transfer or obligation specified in paragraph (1) of this sub- division e is valid under applicable Federal or State laws. t on currentjusrre "(3) For the purpose of such recovery or of the avoidance of tion of courts where plenary procedings such transfer or obligation, where plenary proceedings are necessary, r. any State court which would have had jurisdiction if bankruptcy had not intervened and any court of bankruptcy shall have con- current jurisdiction. Appraisers. "f. The court shall appoint a competent and disinterested appraiser and upon cause shown may appoint additional appraisers, who shall appraise all the items of real and personal property belonging to the bankrupt estate and who shall prepare and file with the court their report thereof. Real and personal property shall, when practicable, be sold subject to the approval of the court. It shall not be sold otherwise than subject to the approval of the court for less than 75 per centum of its appraised value. When- ever any sale of real or personal property of any bankrupt is made by or through any auctioneer employed by the court, receiver, or trustee, such auctioneer, if an individual or a partnership, shall be a bona-fide resident and citizen of the judicial district in which the property to be sold is situated, or, if a corporation, shall be lawfully domesticated and authorized to transact such business in the State in which said judicial district is located. sotle to property "g. The title to property of a bankrupt estate which has been sold, as herein provided, shall be conveyed to the purchaser by the trustee. Trustee vestedwith "h. Whenever an arragement or wage-earner plan shall be set earner plan set aside, earee"an °t or age- as i d e o r discharge revoked, the trustee shall, upon his appointment etc. and qualification, be vested as herein provided with the title to all of the property of the bankrupt as of the date of the final decree setting aside the arrangement or wage-earner plan or revoking the discharge. Disposition of title i. Upon the confirmation of an arrangement or plan, or at such an arrangement, etc. later time as may be provided by the arrangement or plan, or in the order confirming the arrangement or plan, the title to the property dealt with shall revest in the bankrupt or debtor, or vest in such other person as may be provided by the arrangement or plan or in the order confirming the arrangement or plan. tlerks indexes; "SEc. 71 . CLERKS' INDEXES; CERTIrICATE OF SEARCH; Docrs.- - dodcats. The clerks of the several district courts of the United States shall pre- pare and keep in their respective offices complete and convenient 882 [52 STAT.

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