The Business Mans Legal Adviser volume 6

Cover The Business Mans Legal Adviser volume 6
The Business Mans Legal Adviser volume 6
Albert Sidney Bolles
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2. Is an officer of the court.
i. " Trustees shall respectively (i) account for and i Sec. 46, of Act.
u8 2 BUSINESS MAN'S LEGAL ADVISER pay over to the estates under their control all interest received by them upon property of such estate; (2) collect and reduce to money the property of the estates for which they are trustees, under the direction of the court, and close up the estate as ex- peditiously as is compatible with the best interests of the parties in interest; and such trustees, as t
...o all property in the custody or coming into the custody of the bankruptcy court, shall be deemed vested with all the rights, remedies, and powers of a creditor holding a lien by legal or equitable proceedings there- on; and also, as to all property not in the custody of the bankruptcy court, shall be deemed vested with all the rights, remedies, and powers of a judgment creditor holding an execution duly returned unsatis- fied; (3) deposit all money received by them in one of the designated depositories; (4) disburse money only by check or draft on the depositories in which it has been deposited; (5) furnish such information concerning the estates of which they are trustees and their administration as may be requested by parties in interest; (6) keep regular accounts showing all amounts received and from what sources and all amounts ex- pended and on what accounts; (7) lay before the final meeting of the creditors detailed statements of the administration of the estates; (8) make final reports and file final accounts with the courts fifteen days before the days fixed for the final meetings of the creditors; THE NATIONAL BANKRUPTCY ACT 1183 (9) pay dividends within ten days after they are declared by the referees; (10) report to the courts, in writing, the condition of the estates and the amounts of money on hand, and such other details as may be required by the courts, within the first month after their appointment and every two months thereafter, unless otherwise ordered by the courts; and (n) set apart the bankrupt's exemptions and report the items and estimated value thereof to the court as soon as practicable after their appointment.

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