Page:United States Statutes at Large Volume 76A.djvu/372

–276– -276shal, by petition to the district court, cause the assignor by order or citation to appear before the court, or a commissioner or referee to be appointed by it, at a time and place designated in the order or citation, to be examined touching the matters mentioned in section 4983, and any other matters relative to the assignment, and to have with him all books of account, vouchers, and papers relating to the assigned property; and the court may by its order require th3 surrender to the assignee or assignees of the books, vouchers, and papers to be by them retained until their trust is fully completed and performed. § 4985. Recording assignment and filing inventory An assignment for the benefit of creditors must be recorded, and the inventory required by section 4983 of this title filed with the registrar of property. § 4986. Invalidity for failure to record assignment and file inventory An assignment for the benefit of creditors is void against creditors of the assignor and against purchasers and encumbrancers in good faith and for value unless it is recorded as provided in this subchapter, and unless either the inventory required by section 4983 of this title, or the inventory required of the assignee or assignees by section 4984 of this title is filed in the manner provided in this subchapter and within the time designated. § 4987. Marshal's bond; assignee's bond; removal of assignee A bond need not be given by the marshal, but he is liable on his official bond for the care and custody of the property while in his possession. Within 40 days after date of the transfer by the marshal, the assignee shall enter into a bond in such amount as may be fixed by the district judge, with sufficient sureties to be approved by the judge, and conditioned for the faithful discharge of the trust and the due accounting for all moneys received by the assignee, which bond must be filed in the same office with the inventory; and any assignee failing to comply with the provisions of this section may be removed by the district court on petition of the assignor or any creditor, and his successor appointed by the court. § 4988. Assignee's authority; notice to creditors; dividends; delayed claims; secured creditors (a) Until a verified inventory has been made and filed, either by the assignor or assignee, as required by the provisions of this subchapter, and the assignee has given the bond required by section 4987 of this title, the assignee has no authority to dispose of the property of the estate, or any part of it (except in the case of perishable property, which in his discretion he may dispose of at any time and receive the proceeds of sale thereof); nor has he power to convert the property, or the proceeds of any sale of perishable property, to the purposes of the trust. (b) Within 10 days after the filing of his bond, the assignee must commence the publication (and the publication shall continue at least once a week for 4 weeks), in a newspaper of general circulation in the Canal Zone, of a notice to creditors of the assignor, stating the fact and date of the assignment, and requiring all persons having claims against the assignor to exhibit them, with the necessary vouchers, and verified by the oath of the creditor, to the assignee, at his place of residence or business, to be specified in the notice; and he shall also, within 10 days after the first publication of the notice, mail a copy of the notice to each creditor whose name is given in the instrument of assignment, at the address therein given. After

�