Page:United States Statutes at Large Volume 76A.djvu/371

–275– -275(6) confers upon the assignee a power which, if exercised, might prevent or delay the immediate conversion of the assigned property to the purposes of the trust: or (6) exempts him from liability for neglect of duty or misconduct, § 4980. Assignment to be in writing; acknowledgment; recording An assignment for the benefit of creditors must be in writing, subscribed by the assignor, or by his agent thereto authorized in writing, and the transfer by the marshal must also be in writing, subscribed by the marshal in his official capacity. Both the assignment and the transfer must be acknowledged, or proved and certified, in the mode prescribed by chapter 27 of this title, and be recorded as required by section 4985 of this title. § 4981. Compliance with formalities necessary to validity Unless the provisions of section 4980 of this title are complied with, an assignment for the benefit of creditors is void against every creditor of the assignor not assenting thereto. § 4982. Title of assignee; rights of third parties An assignee for the benefit of creditors is not to be regarded as a purchaser for value, and has no greater rights than his assignor had, in respect to things in action transferred by the assignment. § 4983. Inventory Within 20 days after an assignment is made for the benefit of creditors, the assignor shall make and file, in the manner prescribed by section 4985 of this title, a full and true inventory, showing: (1) all the creditors of the assignor; (2) the place of residence of each creditor, if known to the assignor, or if not known, that fact must be stated; (3) the sum owing to each creditor and the nature of each debt ^ or liability, whether arising on written security, account, or otherwise; (4) the true consideration of the liability in each case, and the place where it arose; (6) every existing judgment, mortgage, or other security for the payment of any debt or liability of the assignor; (6) all property of the assignor at the date of the assignment, which is exempt by law from execution; and (7) all property of the assignor at the date of the assignment, of every Kind, not so exempt, and the encumbrances existing thereon, and all vouchers and securities relating thereto, and the value of the property according to the best knowledge of the assignor. § 4984. Assignor's affidavit; assignee's inventory; examination of assignor; production of papers An affidavit must be made by every assignor executing an assignment for the benefit of creditors, to be annexed to and filed with the inventory provided for by section 4983 of this title, to the effect that it is in all respects just and true according to the best of the assignor's knowledge and belief. If the assignor neglects or refuses to make and file the inventory and affidavit within 20 days, the assignment is not, for that reason, affected in any way, but in that event the assignee or assignees elected by the creditors shall within 20 days thereafter make and file in the office of the registrar of property, a verified inventory of all assets received by them; and the assignee or assignees may at any time, or from time to time, after the transfer to them by the mar-

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