court or officer be satisfied, that for any reason, it is inexpedient for ART. 8. such trustee to continue in the execution of the duties of his appointment, and that such duties can be executed by another trustee, without injury to the estate of the debtor, or to the creditors; and if no good cause to the contrary appear, such officer or court shall grant an order, allowing such trustee to renounce his appointment, and to assign the property and effects of the debtor. [The same.] execute as § 57. Such assignment shall be executed by such trustee, to such Trustee to person, or persons, as the court or officer shall appoint for that pur- signment. pose; and in the appointment, such persons as shall have been [51] named to be assignees by the creditors of such debtor, or by the major part of them, shall be preferred, if approved by such court or officer. assign powers, § 58. Such assignment shall transfer to the persons to whom it Effect of shall be made, all the remaining estate and effects, vested in the ment; trustee so renouncing; and such new assignee shall have the same &c., of new assignee. powers, be subject to the same duties, and be entitled to the same compensation, as the original trustee; and shall continue any suit that may have been commenced by such original trustee, in his name, or in that of such new assignee. [The same.] order to be charging § 59. Upon producing to the officer or court allowing such When assignment, the certificate of the assignee, duly proved by the oath made dis of a subscribing witness, that such assignment has been duly made, trustee. and the property capable of delivery, belonging to such debtor, together with all the books, vouchers, and documents, relating to the estate of such debtor, has been duly delivered; and also a certificate of the county clerk, that such assignment has been recorded; such court or officer shall grant to the trustee so applying, an order that he be discharged from his trust. [The same.] thereupon § 60. Upon such order being granted, such trustee shall be dis- Trustee charged from the trust reposed in him, and his power and authority discharg shall thereupon cease; but he shall, notwithstanding, remain subject ed, subject to any liability he may have incurred, at any time previous to the bilities. granting of such order, in the management of his trust. [The same.] to prior lia ment, peti corded and § 61. Such new assignment, upon being duly proved or acknowl- Assignedged, shall be recorded in the office of the clerk of the county tion, &c., where such order was granted; and the petition of the trustee, the tota affidavit and proceedings thereon, with the certificate of the new filed. assignee, shall be filed in the same office where the original papers and proceedings, in respect to such debtor, were filed. [The same.] to be paid § 62. The expense of all proceedings in effecting such renun- Expenses ciation and assignment, shall be paid by the trustee making the by trustee application. [The same.] L. 1846, Chap. 158-An act in relation to the appointment of assignees and trustees of non-resident, absconding, insolvent, or imprisoned debtors, In case of absence other assignees or trustees to be appointed. SECTION 1. Whenever any assignee or trustee appointed under any authority conferred by any of the provisions of title one, chapter five and part two of the Revised Statutes, or of any previous statute relating to insolvent or imprisoned debtors, shall have removed from and shall have continued to reside out of this state for one year, or shall hereafter remove from and continue to reside out of this state for one year, it shall be lawful for the officer who originally appointed such assignee or trustee, or in case of his absence, death, or removal, his successor in office, or any other officer residing in the county where such assignee or trustee was resident, who by law would originally have been authorized and empowered to make an appointment of such assignee or trustee, after giving notice and an opportunity to the creditors to propose proper persons, to appoint another person in the place of such assignee or trustee so removed or to remove as aforesaid. 10 Barb., 534. Their powers and duties. § 2. The assignee or trustee appointed in the place of the assignee or trustee so removed, or to remove as aforesaid, shall in all respects have the like powers and authority, and be subject to the same control, obligations and responsibilities as the assignee or trustee originally appointed; and the appointment of an assignee or trustee under the provisions of this act shall be certified and recorded as the original appointment was required to be recorded. [L. 1830, ch. 258, has been omitted as obsolete.] [Supplementary Title.] Of Voluntary Assignments by a Debtor, for the benefit of his Creditors. L. 1877, Chap. 466 —An act in relation to assignments of the estates of debtors for the benefit of creditors. Short title. SECTION 1. This act may be cited for all purposes as 66 assignment act of eighteen hundred and seventy-seven.' 99 The general Assignments, requisites; assent of assignee. § 2. Every conveyance or assignment made by a debtor of his estate, real or personal, or both, to an assignee for the creditors of such debtor, shall be in writing and shall specifically state therein the residence and the kind of business carried on by such debtor at the time of making the assignment, and the place at which such business shall then be conducted, and if such place be in a city, the street and number thereof, and if in a village or town such apt designation as shall reasonably identify such debtor. Every such conveyance or assignment shall be duly acknowledged before an officer authorized to take the acknowledgment of deeds; and every such conveyance or assignment shall be recorded in the county clerk's office of the county where such debtor shall reside or carry on his business at the date thereof. An assignment by co-partners shall be recorded in the county where the principal place of business of such co-partners is situated. When real property is a part of the property assigned, and is situated in a county other than the one in which the original assignment is required to be recorded, a certified copy of such assignment shall be filed and recorded in the county where such property is situated. The assent of the assignee, subscribed and acknowledged by him, shall appear in writing, embraced in or at the end of or indorsed upon the assignment, before the same is recorded, and, if separate from the assignment, shall be duly acknowledged. [Thus amended by L. 1888, ch. 294.] 63 N. Y., 645; 11 Hun, 399; 14 Abb. N. C., 447; 15 Abb. N. C., 164, 241; 17 Abb. N. C., 152, 162, 197; 18 J. & S., 116; 22 W. D., 495; 24 Hun, 123; 31 Hun, 274; 34 Hun, 511, 524; 39 Hun, 98, 134, 545; 40 Hun, 178, 455; 41 Hun, 323; 82 N. Y., 494; 86 N. Y., 630; 96 N. Y., 75, 248; 105 N. Y., 1, 476; 104 N. Y., 575; 19 Abb. N. C., 92, 399; 101 N. Y., 472, 584; 35 Hun, 264; 44 Hun, 55; 46 Hun, 208; 43 Hun, 224; 13 Daly, 318; 45 Hun, 263; 18 Abb. N. C., 330; 26 W. D., 239. Inventory. § 3. A debtor making an assignment shall, at the date thereof or within twenty days thereafter, cause to be made, and delivered to the county judge of the county where such assignment is recorded, an inventory or schedule containing 1. The name, occupation, place of residence, and place of business, of such debtor. 2. The name and place of residence of the assignee. 3. A full and true account of all the creditors of such debtor, stating the last known place of residence of each, the sum owing to each, with the true cause and consideration therefor, and a full statement of any existing security for the payment of the same. 4. A full and true inventory of all such debtor's estate at the date of such assignment, both real and personal, in law and in equity, with the incumbrances existing thereon, and of all vouchers and securities relating thereto, and the nominal as well as actual value of the same according to the best knowledge of such debtor. 5. An affidavit made by such debtor, that the same is in all respects just and true. But in case such debtor shall omit, neglect or refuse to make and deliver such inventory or schedule within the twenty days required, the assignee named in such assignment shall, within thirty days after the date thereof, cause to be made, and delivered to the county judge of the county where such assignment is recorded, such inventory or schedule as above required, in so far as he can; and for such purpose said county judge shall, at any time, upon the application of such assignee, compel by order such delinquent debtor, and any other person to appear before him and disclose, upon oath, any knowledge or information he may possess, necessary to the proper making of such inventory or schedule. The assignee shall verify the inventory and schedule so made by him, to the effect that the same is in all respects just and true to the best of his knowledge and belief. But in case the said assignee shall be unable to make and file such inventory or schedule, within said thirty days, the county judge may, upon application upon oath, showing such inability, allow him such further time as shall be necessary, not exceeding sixty days. If the assignee fail to make and file such inventory or schedule within said thirty days or such further time as may be allowed, the county judge shall require, by order, the assignee forthwith to appear before him, and show cause why he should not be removed. Any person interested in the trust estate, may apply for such order and demand such removal. The books and papers of such delinquent debtor shall at all times be subject to the inspection and examination of any creditor. The county judge is authorized by order to require such debtor or assignee to allow such inspection or examination. Disobedience to such order is hereby declared to be a contempt, and obedience to such order may be enforced by attachment. The inventory or schedule shall be filed by said county judge in the office of the clerk of said county in which said assignment is recorded. [This subd. thus amended by L. 1878, ch. 318.] 67 N. Y., 199; 1 Abb. N. C., 174, 409; 7 Daly, 52; 8 Daly, 124; 79 N. Y., 19; 18 J. & S, 100; 26 Hun, 229; 30 Hun, 195; 85 N. Y., 464; 88 N. Y., 669; 89 N. Y., 270; 93 N., Y., 374; 94 N. Y., 387; 99 N. Y., 539; 43 Hun, 224; 105 N. Y., 1. Advertisement for claims. § 4. The county judge may, upon the petition of the assignee, authorize him to advertise for creditors to present to him their claims with the vouchers therefor, duly verified, on or before a day to be specified in such advertisement, not less than thirty days from the last publication thereof, which advertisement or notice shall be published in two newspapers, to be designated by the county judge, as most likely to give notice to the persons to be served, not less than once a week for six successive weeks, and, if it appears that any of such creditors reside out of the state, then in like manner in the state paper. 9 Daly, 479; 10 Daly, 47. Bond of assignee. § 5. The assignee named in any such assignment shall, within thirty days after the date thereof, and before he shall have any power or authority to sell, dispose of or convert to the purposes of the trust any of the assigned property, enter into a bond to the people of the state of New York, in an amount to be ordered and directed by the county judge of the county where such assignment is recorded, with sufficient sureties to be approved of by such judge, and conditioned for the faithful discharge of the duties of such assignee and for the due accounting for all moneys received by him, which bond shall, be filed in the clerk's office of the county where such assignment is recorded, but in case the debtor shall fail to present such inventory within the twenty days required, then the assignee, before the ten days thereafter shall have elapsed, may apply to said county judge by verified petition for leave to file a provisional bond, until such time as he may be able to present the schedule or inventory as hereinbefore provided. 67 N. Y., 199; 59 N. Y., 649; 5 Abb. N. C., 307; 71 N. Y., 502; 8 Hun, 516; 13 Hun, 176; 74 N. Y., 317; 22 Hun, 245; 10 Daly, 148; 28 Hun, 289; 32 Hun, 501; 39 Hun, 435; 86 N. Y., 270. Removal of assignee; new assignee; correcting inventory. § 6. The county judge shall, in the case provided in section three, and may also, at any time, on the petition of one or more creditors, showing misconduct or incompetency of the assignee, or on petition of the assignee himself, showing sufficient reason therefor, and after due notice of not less than five days to the assignor, assignee, surety and such other person as such judge may prescribe, remove or discharge the assignee, and appoint one or more in his place, and order an accounting of the assignee so removed or discharged, and may enjoin such assignee from interfering with the assignor's estate, and make provision by order for the safe custody of the same, and enforce obedience to such injunction and orders by attachment; and, upon his discharge upon his own application, such assignee's bond shall be cancelled and discharged. The new assignee shall give a bond, to be approved as above required. The county judge shall have power, by order, to require or allow any inventory or schedule filed to be corrected or amended, and also to require and compel, from time to time, supplemental inventories or schedules to be made and filed within such time as he shall prescribe, and to enforce obedience to such orders by attachment. [Thus amended by L. 1878, ch. 318.] 1 Abb. N. C., 409; 7 Daly, 59; 78 N. Y., 248; 10 Daly, 27, 57, 106, 143, 148; 85 N. Y., 629 ; 13 Daly, 310, 526. Further security. § 7. The county judge may, upon his own motion or upon the application of any party in interest, and on such notice as he may direct to be given to the assignor, assignee and surety, require further security to be given whenever in his judgment the security afforded by the bond on file is not adequate. Failure to file bond. § 8. A failure to file any bond required by or under this act or the acts hereby amended, within the specified time will not deprive the county judge of his power over the assignee or the trust estate. Action on bond. § 9. Any action brought upon an assignee's bond may be prosecuted by a party in interest by leave of the court; and all moneys realized thereon shall be applied by direction of the county judge in satisfaction of the debts of the assignor, in the same manner as the same ought to have been applied by such assignee. Death of assignee. § 10. In case an assignee shall die during the pendency of any proceeding under this act, or at any time subsequent to the filing of any bond required herein, his personal representative or successor in office, or both, may be brought in and substituted in such proceeding on such notice (of not less than eight days), as the county judge may direct to be given; and any decree made thereafter shall bind the parties thus substituted as well as the property of such deceased assignee, provided, however, that if such assignee die subsequent to the filing of his bond and before any proceedings may have been had thereunder, then the surety on such bond may apply to the county judge for an accounting, who may, on such terms as to him seem just and proper, appoint another assignee and release such surety. Accounting. § 11. A citation may be issued to all parties, interested in the estate assigned, as creditors or otherwise, requiring them to appear in court on some day therein to be specified, and to show cause why a settlement of the account of proceedings of the assignee should not be had, and if no cause be shown, to attend the settlement of such account. The county court must issue all citations mentioned in this act which must be returnable in court. It may issue a citation on the petition of an assignee, at any time after the assignment or on petition of a creditor, or an assignee's surety, or an assignor, at any time after the lapse of one year from the date of such assignment, or where an assignee has been removed and ordered to account, as herein before provided. [Thus amended by L. 1878, ch. 378.] 1 Abb. N. C., 404; id., 399; 64 N. Y., 1; 67 id., 542; 75 N. Y., 187; 8 Daly, 190; 23 Hun, 91; 10 Daly, 52, 57; 23 W. D., 309; 10 Daly, 31; 26 Hun, 214; 34 Hun, 217; 19 Abb. N. C., 177; 44 Hun, 298. Citation. § 12. A citation issued on the petition of a creditor may be addressed to and served on the assignee alone, but on or after the return of such citation the assignee may have a general citation issued to all parties interested. 26 Hun, 214. In Service of citation. § 13. A citation to all persons interested must be served on all parties other than the petitioner who are interested in the fund, including assignors, assignees and their sureties, except that if the time limited by due advertisement for presentation of claims has expired before the issue of the citation, creditors who have not duly presented their claims need not be served. case the creditors of such assignor, who have proved their claims, exceed twentyfive in number, then the county judge, upon proof by affidavit that such creditors exceed such number, may by order direct such citation to be served on each creditor who has proved his claim, by depositing a copy of the same, at least thirty days prior to the return day thereof, in the post-office at the place where the assignee or assignees, or either of them, reside, duly inclosed and directed to each of such creditors, at his last known post-office address, with the postage prepaid; and by publishing such citation once a week for at least four weeks prior to such return day in one or more newspapers, to be designated by such county judge as most likely to give notice to such creditors. [Thus amended by L. 1878, ch. 318.] 13 Daly, 413. Service of citation. § 14. A citation personally served within the county of the judge or an adjoining county must be so served at least eight days before the return thereof; if in any other county, at least fifteen days before the return thereof. Service by publication. § 15. The county judge may direct service to be made by publication when he is satisfied by affidavit or verified petition either that the person to be so served is unknown, or that his residence cannot, after diligent inquiry, be ascertained, or that he cannot, after due diligence, be found within the state. The order for such service must direct service of the citation upon such person to be made by publication thereof in one newspaper to be designated by the county judge as most likely to give notice to the person to be served, and |