CHAPTER XXXI.

INVENTORY AND APPRAISEMENT OF THE PROPERTY.-BOND BY THE ASSIGNEE.

§ 375. One of the earliest duties of an assignee is to ascertain the extent and particulars of the assigned property. A very material guide for this purpose is in the inventory or schedule annexed to the assignment itself. But if there be no schedule annexed, his first business will cause to be made, an exact inventory of the assets.1

be to make or

In some of the States, before the assignee can proceed to act under the assignment, he is required by statute to have the property inventoried and appraised, and to give bond for the faithful execution of the trust. In Rhode Island, New Jersey, Pennsylvania, Missouri, and Indiana, the inventory and appraisement are the first acts required. In Maine and Connecticut, the bond is first in order; one of the conditions of the bond in Maine being the return of an inventory.

§ 376. Maine. Thus, in Maine, the assignee, before entering upon his duties, is required to give bond with sufficient sureties living in the county, to the judge of probate, in such sums as he orders, conditioned as follows: First, to make and return in the probate office, within ten days after the time allowed for creditors to become parties to the assignment, a true inventory, on oath, of all the real estate, goods, chattels, rights, and credits of the assignor, which have come to his possession or knowledge, whether contained

255.

See the observations of Sandford, A. V.C., in Cram v. Mitchell, 1 Sandf. Ch. 21 Stat. of Ind. (ed. 1870), p. 114, § 67; R. S. (1881), § 2663; Black v. Weathers, 36 Ind. 242.

This period is three months from the execution of the assignment. See ante, § 366. See Insolvent Law, ante, p. 32.

in the assignment or not, and the names of all the creditors who have become parties thereto, with a list of their respective claims; Second, to make proportional distribution of all the net proceeds of such estate among such creditors as become parties to the assignment; Third, to render a true account of his doings, on oath, to the judge of probate, within six months, and at any other time when cited by the judge.1 This bond must be filed and approved by the judge within ten days after the execution of the assignment.2

The assignment is not valid against attaching creditors unless the bond is filed and approved by the judge of probate within ten days after the execution of the assignment.

§ 377. In Vermont, the assignee is required to execute to the Probate Court for the district in which the assignor resides, a bond with sureties to the satisfaction of said court, conditioned for the faithful performance of the trust, and this bond is required to be given at the time of making the assignment.

If a copy of the assignment and inventory and the bond are not executed and filed as required, the property assigned is liable to trustee process and to attachment and execution at the suit of the creditors of the assignor, the same as if no assignment had been made, but not after such copies and bond are so executed and filed, and so far the assignment is for such cause inoperative against creditors of the assignor, but no farther.5

§ 378. In Connecticut, the trustee is required to give good and sufficient bond with surety, to the judge of the Court of Probate and his successors in office, in such sum as the court shall require, conditioned for the faithful execution of the trust, according to law; and the courts may at any

' Rev. Stat. (ed. 1874), p. 544, c. 70, § 3. 2 Id. § 5.

Act of November 10, 1857, § 2; Laws of 1857, p. 13. This was in amendment of the act of November 14, 1855, § 2, which allowed ten days after the making of the assignment for the execution of the bond. Rev. Laws (1880), § 1889.

Rev. Laws (1880), § 1890.

time require further bond with like condition, if, in their opinion, the bond already given is insufficient; and on failure of the trustee to procure such bond, the court may remove him and appoint another trustee in his stead.1 The trustee is further required, with the assistance of two or more disinterested and judicious persons, under oath appointed by the court, to make within such time as the court shall prescribe, not exceeding two months from the time of making the assignment, a true and perfect inventory and appraisement of the estate assigned, according to its just value; and also to make an inventory of the credits and choses in action, and cause duplicates to be made of such inventories, one of which is to be sworn to by the trustee, and deposited with the court, and the other to remain with the trustee.2

§ 379. In Rhode Island, the assignee may be required, on application of any creditor interested in the assignment, and upon due notice and for cause shown, to render on oath to the supreme court an inventory of all the effects, estate, and credits conveyed by the assignment, so far as the same can be ascertained; and to give bond with sufficient sureties, for the faithful performance of the trusts. The power to require such inventory and bond is given to the Supreme Court, to which the inventory must be rendered. The bond must be given to the clerk of such court for the county where the assignor resided at the time of making the assignment and to the successor of such clerk, and is declared to inure to the benefit of all the creditors interested in the assignment. If the assignee neglect or refuse to render such inventory, or give such bond when so required, the court is authorized to remove him, and to appoint one or more suitable persons to receive, hold, and dispose of the assigned property, with all the rights and estates, and subject to all the duties, liabilities, and responsibilities of the assignee so removed.1

Gen Stat. (Rev. of 1875), p. 382, tit. 18, c. 11, § 15.

2 Gen. Stat. (Rev. of 1875), p. 382, §§ 1 et seq.

Pub. Stat. (1882), p. 657.

Ibid. pp. 657, 658; see Earle v. Willard, 2 R. I. 517.

§ 380. In New Hampshire, the assignee is required, within ten days after the execution of the assignment, to file in the office of the register of probate of the county where the debtor resides, a copy of such assignment, a schedule of all the property embraced in it, and the estimated value thereof, and the incumbrances thereon, and a list of the names and residences of all the creditors of the debtor, and the amount and nature of their respective claims, verified by the oaths of the debtor and assignee to be true according to the best of their information, knowledge and belief.1

The assignee is also required to give to the judge of probate for the county a good and sufficient bond, with sureties, for the faithful performance and discharge of his duties, which bond shall be approved by the judge and filed in the probate office within five days after filing said schedule, unless the judge for good cause shall extend the time of filing the same, and shall inure for the benefit of the debtor and all his creditors, and may be prosecuted in the manner provided for administration bonds.2

If the assignee fail to file the copy of assignment, sched. ule and list of creditors within ten days, or such bond in five days, or within such further time as the judge may allow, he shall cease to be assignee, and the judge shall have the same jurisdiction to require a new bond and to remove any assignee, as is provided by law in the case of administrators.

§ 381. In New York, the statutory provisions are as follows:

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A debtor making an assignment shall, at the date there. of 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 Gen. Stat. (ed. 1878), p. 336, c. 140, § 4. Gen. Stat. (ed. 1878), p. 336, c. 140, § 8.

2 Id. ibid. § 7.

Laws of 1877, c. 466, § 3, as amended by Laws 1878, c. 318; 3 R. S. (7th ed.) p. 2276.

This includes the judges of the Court of Common Pleas in and for the city and county of New York. Matter of Morgan, 56 N. Y. 629.

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