Show INSOLVENT DEBTORS The Council Measure Killed in the House AN UNCEREMONIOUS DEATH I Will the Council Accept the Action of the House or Insist on the Bills Paulng The bill to provide for assignments of insolvent debtors particulars of the killing of which will De found in the report re-port of the Legislature proceedings reads as follows SECTION IBe it enacted by the Corer nor and Leyislaliie Assembly of the Territory Terri-tory of Utah That it shall be lawful for any debtor in this Territory to make a general assignment of all his property to an assignee or assignees for the benefit bene-fit of his creditors as prescribed in this act and not otherwise Piovided That no property exempt by law from execution execu-tion need be included in such assign ment Ktc 2 Every such assignment sball be for the benefit of all the creditors of the debtor and no preference to one creditor or any class of creditors shall be given therein and in every such case the assent of all the creditors of the assignor as-signor shall be presumed SEC 3ho such assignment shall be valid unless FirstIt is executed and acknowledged acknowl-edged in the manner required by law for the execution and acknowledgment of conveyances of real estate SecondIt is accepted by the assignees as-signees in or on said assignment Thirdlt contains or has annexed thereto a schedule or schedules of the property and effects aligned with an estimate of the cash value of the same and of the debts owing by such debtor verifh by the osth of the debtor to be correct according to the best of his knowledge information and belief and Fourth The assignment so executed and acceptedwith the chedule thereto be filed for record in the ollice of the County Recorder of tbe county where the debtor resides or in which he has last carried on business and in each county in which any real estate therein assigned may be situated I Provided That when the whole or any part of the property and effects I assigned consists ot numerous articles capable of a general description the I schedules may describe the property I prop-erty in oulk and in a general way sufficient to identify it and every I such assignment shall vest in the assignee as-signee or assignees the title to all the property and effects of the assignor real and personal in this Territory whether be same is mentioned in the assignment assign-ment and schedule or not except property I prop-erty exempt by law from execution ando and-o assignment shall be adjudged fraudulent fraud-ulent or invalid by reason of any mistake mis-take defect or omission in the schedules sched-ules SEC 4The District Courts of this Territory and the several Judges thereot in their respccftve districts shall have jurisdiction on the petition of the assignee or trustee or any creditor cred-itor and upon such notice as the Court or Judge may pre < rrib to make orders and judgments in and give directions for the execution of the assignment SEC 5Before tie assignee shaH enter upon the discharge of Ms duties he shall make and execute with atloa two sufficient sureties residents of this Territory a bond to the assignor or assignors in a penal sum equal to the estimated value of the property and effects assigned conditioned for the I faithful execution of the trusts and each surety shall subscribe and take an oath before some officer qualified to administer ad-minister oaths that he is worth tie amount specified in said bond over and above all debts and liabilities exclusive of property exempt by law from execution The bond shall be filed in the office of the County Recorder where the assignor resides or where he has last carried on business Any creditor may within ten days after the filing of said bond except to the sufficiency of the sureties or either of them and give the asignee notice thereof The surety excepted to shall within five days and upon notice of at least two days to the objecting creditor justify before the Probate Judge of the county where the bond is filed in the manner I royided by law for the justification of sureties on arrest and bail It the Probate Judge approve the sureties he shall endorse his approval ap-proval on the bond If he finds the sureties sur-eties insufficient the assignee shall give further security as may be required and approved by the Probate Judge within the time ho may preside and if the assignee shall fail to give such further security his trust and all his right in and to the property shall cease and the Judge of the District Court of the proper district may on motion of any person interested and after such notice as he may direct appoint a trustee trus-tee to take the property and execute the trusts of the assignment and the trustee so appointed shall give security to be approved by the said District Judge who may thereupon by order direct the assignee named in the as L signment to surrender tne trust property I prop-erty and all proceeds thereof to the trustee appointed bv thesaid District Judge and a refusal to do so shall be a contempt and maybe punished such SEC EAll bonds given by assignees or trustees shall be filed in the office of the County Recorder where the assignor as-signor resides or whero ho has last carried car-ried on business and certified copies thereof and of the assignment shall be evidence in all courts and before al officers of-ficers f SEC 7 Within fifteen days after any assignee or trustee shall enter upon the duties of his trust he shall make an inventory of all the property and effects of the debtor which have come to his possession or knowledge verify the same to the effect that it is full true and correct and file the same for record in the office of each County Recorder woere the assignment is recorded He shall also within the Santa time give notice of the assignment to the crcdUOIS of the assignor by publication in a newspaper published oiIf or baviti general circulation in the county where the assignment is made Sec SAny bond given by an u siznee or trustee shall stand as sect r v to all the creditors and no assignn thereof shall be necessary creditor aggrieved by the breach of any condition of such bond may bring an action thereon in his own name and behalf of all creditors who may come in and contribute to the expense of the suit and if a breach of the bond is established judgment shall be I given for the penalty of the bond and costs to stand as security to all such creditors for the damages sustained by them for such breach and the damage may be afterward assessed execution issued therefor and the damages col lected distributed under the direction of the Court Provided That no execution shall issue for a larger sum than the judgment for the penalty of the bond and costs of suit SEC 9 The sureties on the original or other bond of tbe original assignee shall not be discharged bv the removal of the assignee or the giving of addi tional surety when required but they and their principal shall remain jointly and severally liable thereon to the creditors cred-itors for any proceeds of the assIgned property received by the assignee for any waste or malfeasance of him and far the surrender of the property to the trustee appointed to succeed him SEC 10 This Act shall take effect ten days after its dassage Those voting in favor of killing the measure were Clark Cretr Cannon Farnsworth Kimball McLaughhn Stratford Smoot and Thurman Those voting against were Baty Houston Howell King JIcCullou n Stuart Thurber West and Young Absent Woolley Eider Lund and Anderson It is understood that the Council will not allow the matter to rest here but will bring it UP in some other form 11 is reasonably certain that Governor Hurray would not sign the bill as it ap pears above as being too much under the influence of the bankers and they unanimously sharing Mr Clarks opinion that a man should have the op tion of making preferred creditors if he so desires |