amount and nature of their claims. After paying the expenses of the assignee, creditors are paid in the following order: All debts owing to the United States and debts owing to the state of Minnesota, and all taxes and assessments; debts owing for wages of servants, laborers, mechanics, and clerks, for labor and services performed within 3 months next preceding the date of the assignment; all other debts of the creditor properly claimed and verified. Assignments are more frequently made under the state insolvent law.

Mississippi.-Preferences are allowed although the debtor may be insolvent. Assignments must be recorded. General assignments are administered in the chancery court; the assignee is made an officer of the court.

Missouri.-Preferences are void. Assignments must be recorded. Within 3 months after the assignment, the assignee must designate 3 consecutive days on which claims are to be presented to him for allowance, written notice of which must be given to every known creditor at least 4 weeks before the appointed day. Any creditor failing to present his claim during said term, on account of sickness, absence from the state, or any other good cause, may, at any time before the declaration of the final dividend, file and prove his claim and receive "the remaining dividends" paid. As soon as practicable, and not exceeding 1 month after the allowance of demands, the assignee must pay upon the demands allowed whatever the means on hand will permit, and as often thereafter as a dividend of 5 per cent. can be paid. The assignee is required to make report of his receipts and disbursements at every term of the circuit court. The assignee is a trustee for the benefit of the creditors of the assignor. The dividends received discharge the debt only pro tanto. There is no provision in the statute for composition proceedings.

Montana.-All claims of employes for services rendered within 60 days preceding the assignment, not exceeding $200, are preferred claims and must be paid before any other creditor or creditors of such assignor. Preferences as to other creditors are allowed. The assignment must be recorded within 20 days after the execution thereof and must be accompanied by the affidavit of the assignor and assignee that such assignment is made in good faith. The assent of the assignee must be indorsed thereon. If not so executed and recorded, it is void. Within 20 days after the assignment a verified schedule of assets and liabilities must be made and filed. Within 30 days from the assignment, the assignee must enter bond, and within 6 months he may be required to account to the district court. He is at all times under the direction of the court, and may for good cause shown be removed.

Nebraska.-Assignments must be made to the sheriff of the county. They are void in the following cases: If a preference be

given, except to any one person for not more than $100 for labor and wages; if they require any creditor to release or compromise his demand; if any interest be reserved to the assignor in the assigned property before payment of all existing debts; if any power be conferred upon the assignee other than provided by law. The assignee may maintain an action to set aside a fraudulent conveyance of the assignor. Transfers by an insolvent person in contemplation of insolvency, and within 30 days of making the assignment, to a person having reasonable cause to believe the assignor insolvent, are void, and the assignee may recover the property. An assignment must, within 24 hours after its execution, be filed for record in the clerk's office of the county in which the assignee resides. Within 30 days after the execution thereof it must be filed for record in every other county in the state in which it purports to convey real estate. Failure to comply with the statutes avoids the assignment. Within 10 days an inventory of creditors, debts, and property must be filed. Upon receipt of the inventory, the county judge is required to appoint a day, not more than 15 days thereafter, for a meeting of the creditors, who must be notified by publication and by the mailing of a copy of such publication. At the time and place fixed in the notice, the creditors meet to choose an assignee, who must be elected by the vote of creditors representing a majority of the gross indebtedness, and also, by one-third of all the creditors. Only creditors who have verified their claims on oath can vote. If no assignee be elected, the sheriff executes the trust. Claims must be filed on the day fixed by the county judge, not more than 60, and not less than 30, days after the meeting of the creditors, of which time notice must be given to the creditors.

Nevada.-Any person owing debts to an amount not less than $500, who has resided in the county where the application is made not less than a year preceding such application, may turn over all his property (except such as is exempt by law) to creditors and be discharged, unless fraud be shown or preferenee be given. The application must have annexed a schedule containing a list of his debts and liabilities, the names of creditors, if known, the amounts due each, the cause and nature of the indebtedness, and where it accrued.

New Hampshire.-Assignments are made to the judge of probate for the county in which the debtor resides, and are for the benefit of all creditors. In case the debtor owe $300 and be insolvent, he may be compelled to assign on petition of creditors. The assignee, within 10 days of the execution of the assignment to him, must file a copy thereof in the probate office of the county where the debtor resides. Creditor's claims are to be filed within 2 months from the assignment. Final distribution is made within 1 year. Claims to the amount of $50 for labor performed within 6 months of the assignment

by employes of the debtor must be paid in full. If the estate pay 70 per cent. of the claims proved, the debtor may be discharged; if a less percentage be paid, the consent in writing of three-fourths of the creditors holding three-fourths of the indebtedness is required.

New Jersey.-Assignments are made under the insolvent law. Wages of clerks, minors, mechanics, and laborers, due at the time of the assignment, are preferred. No other preferences are allowed. The assignment must be recorded in the office of the clerk of the county where the debtor resides, and also where his real property is situated, after the surrogate has indorsed upon it the receipt of the bond required of the assignee; he must file a list of the claims presented to him within 3 months after the assignment, and the creditors must file exceptions within 30 days. The assignee proceeds under the direction of the orphans' court. The debtor is discharged from all claims proven, except upon proof of fraud. He has the benefit of exemption, as in execution.

New Mexico.-Every preference inures to the benefit of all the creditors. The assignee is required to appoint a day and place within 90 days, having given notice by publication for 4 weeks, and by mail to each creditor, to adjust claims; all creditors who then fail to present claims are barred; if the claim be rejected, the creditor must bring suit within 30 days thereafter. The assignee must settle the estate within 12 months. The deed of assignment must be acknowledged and recorded as in the case of deeds of real estate.

New York.-Preferences are allowed only to the extent of onethird of the assigned estate left after deducting wages and salaries of employes preferred by law, and the expenses of executing the trust. Every assignment shall be in writing specifically stating the debtor's residence, his business, and his place of business. It must be acknowledged and recorded in the county clerk's office in the county where the debtor shall reside or carry on business. An assignment by copartners shall be recorded in the county wherein is their principal place of business. If real property be included in the assignment, a certified copy must be filed in every county where such realty 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. The debtor at the date of the assignment or within 20 days thereafter shall cause to be made and delivered to the county judge of the county where the assignment is recorded an inventory and schedule containing a list of creditors, an inventory of the debtor's estate in full, accompanied by an affidavit by the debtor that the same is just and true. If the debtor fail to file such inventory within 20 days, the assignee must file one within 30 days after the date thereof, or within 60 days if so allowed by the court. Within 30 days,

the assignee must enter into a bond in an amount fixed by the county judge. The court has the power to remove assignees, and may require creditors to present claims within a period to be prescribed not less than 30 days from the last publication, notice thereof to be given by advertisement not less than once a week for 6 successive weeks. The assignment does not discharge the debtor from his debts.

North Carolina.-Debtors are permitted to make assignments, or deeds of trusts, with preference of particular creditors. Deeds of trust, to be valid against creditors or purchasers for a valuable consideration, must be recorded in the county where the land lies, or, if of personalty, where the grantor resides. Within 10 days, the trustee or assignee must file with the clerk a sworn inventory. Upon proof of the assignee's insolvency, unless he give bond in a sum double the value of the assets, the clerk may remove the assignee, and substitute another. The trustee must file quarterly accounts with the clerk and final account within 12 months.

North Dakota.-An insolvent debtor may, in good faith, assign to one or more assignees, in trust for his creditors, subject to the provision of the civil code relative to trusts and to fraudulent transfers, and to the restrictions imposed by law upon assignments by special partnerships, corporations, and by other specific classes of persons. Preferences, if any, inure to the benefit of all the creditors. The assignment is void against creditors, and purchasers and encumbrancers in good faith and for value, if the assignment be not recorded and the inventory filed within 20 days after the assignment. It is void against any creditor not assenting thereto if it provide for the payment of any claim known to the assignor to be false or fraudulent, or for the payment of more upon a claim than is known to be justly due, or if it tend to coerce the creditor to release or compromise his demand, if any interest in the assignor's property be reserved before all debts are paid, other than property exempt from execution, if any power be conferred on the assignee which might prevent or delay the immediate conversion of the assigned property to the purposes of the trust, and if it exempt the assignee from liability for neglect of duty or misconduct.

Ohio.-An insolvent debtor may make an assignment in trust for the equal benefit of all his creditors. All acts resorted to by a debtor in contemplation of insolvency, or with intent to prefer some creditors, or hinder others, shall be declared void at the suit of any creditor. The assignee within 10 days after the delivery of such assignment to him must file the same or a copy thereof in the probate court of the county where the assignor resides. The assignment takes effect only from the time of its delivery to the probate judge. The assignee or trustee shall give notice of appointment within 30 days. Creditors must present their claims duly proven within 6 months after notice.

Dividends shall be declared and paid by the court after the expiration of 8 months from the appointment. Wages due an employe for 12 months preceding the assignment not exceeding $300, and taxes, have a preference. Assignors are not discharged by the assignment.

Oklahoma.-An insolvent debtor may, in good faith, execute an assignment to one or more assignees in trust for the benefit of his creditors. Preferences are not allowed. The property is disposed of by the court for the benefit of all the creditors pro rata according to their respective claims. The assignment must be recorded within 20 days.

Oregon.-The assignor names the assignee in the first instance, but, if dissatisfied, the creditors may choose one by petitioning the court to order the clerk of the court to call a meeting of creditors. No general assignment of property by the insolvent, or one contemplating insolvency, is good, unless made for the benefit of all creditors, pro rata. Assignments must be recorded, except in the case of personal property where the possession accompanies the conveyance of the property. The assignee must publish notice of his appointment, and mail a notice to each creditor to present his claim within 3 months. On final settlement of the estate, the court may discharge the debtor from further liability, if he be guilty of no fraud, and his estate have paid 50 cents on the dollar.

Pennsylvania.-It is provided by statute, that if any person, persons, firm, limited partnership, joint stock company, or corporation, being insolvent or in contemplation of insolvency, with a view to give a preference to any creditor or person having a claim against, or who is liable for such insolvent, shall procure an attachment or the like to be levied upon his property, the judgment or encumbrance shall inure to the benefit of all creditors, if an assignment for the benefit of such insolvent be made or proceedings in insolvency be commenced within 4 months. If the insolvent collude with a creditor to give a preference, the attempted preference will be set aside if proceedings be instituted within 4 months. Knowledge of Intent.-The statute provides what shall constitute a presumption of knowledge of intent on the part of the creditors. Any person, firm, etc. may make an assignment for the benefit of creditors, and an assignment of a portion of the insolvent's property in trust is to be deemed an assignment of the whole estate. Assignment of Assets.-Any member of a partnership, limited or otherwise (except partners in a joint stock company, or one or more joint, or joint and several debtors) may make an assignment of the assets "in which he or they are interested with others" for the benefit of their creditors; but any other person jointly and severally interested in said assets may within 15 days after notice thereof, upon petition to the court and with notice to the