| 1790.
CHAP.
XXXIX.
And make a
schedule
thereof, &c. |
LAWS of MARYLAND.
III. And be it
enacted, That the said Mark Pringle, at the time of delivering
possession of the said real and personal estate to the said Samuel
Sterett, Archibald
Campbell and Archibald Moncrieff, shall also make a schedule of the same,
and
deliver to the said Samuel Sterett, Archibald Campbell and Archibald Moncrieff,
and make oath at the foot thereof, that the said schedule contains
a true account
of all the real and personal property, and debts due and owing to him,
or held
by any other person in trust to his own separate use, or as surviving partner
of the
said Matthew Ridley, and thereupon and thenceforth the said Mark Pringle
shall
be and he is hereby acquitted, exonerated and discharged, of and from all
claims
and demands now due and owing from him, either on his separate account,
or as
surviving partner of the said Matthew Ridley; provided always, that any
property
hereafter acquired by the said Mark Pringle, by gift, devise, bequest,
or in a
course of distribution, shall be liable to his creditors. |
On assignment,
property
vested in
trustees, &c. |
IV. And be it
enacted, That upon assignment of the said real and personal
property and debts aforesaid, to the said Samuel Sterett, Archibald Campbell
and
Archibald Moncrieff, they, the said Samuel Sterett, Archibald Campbell
and Archibald
Moncrieff, and the survivors and survivor of them, shall be and are hereby
vested with the absolute estate and property of and in the same, in trust,
for the
benefit of the creditors of the said Mark Pringle, to be applied and disposed
of
to the payment and satisfaction of the said creditors in manner herein
after directed;
and the said Samuel Sterett, Archibald Campbell and Archibald Moncrieff,
and the survivors or survivor of them, shall have full power and authority
to sell,
convey and dispose of, the said property, or any part thereof, and to collect
and
receive the said debts due and owing to the said Mark Pringle in his separate
capacity, or as surviving partner of the sid Matthew Ridley, or if need
be, to bring any suit or suits at law or equity in their own name, or the
name
of the survivors or survivor of them, for the recovery of the said debts,
or any
of them. |
Who may remain
a commission,
&c. |
V. And be it
enacted, That the said Samuel Sterett, Archibald Campbell and
Archibald Moncrieff, and the survivors or survivor of them, shall be empowered
to retain a commission of five per centum for their trouble on all
such property
received or recovered by them, and after paying all necessary expences
in the execution
of such trust, shall pay and apply the balance thereof to the satisfaction
of
the creditors of the said Mark Pringle, in the following manner; that is
to say,
that the said trustees, and the survivors and survivor of them, shall,
from time to
time, divide and pay all the said balance of the property of the said Mark
Pringle,
as surviving partner of the said Matthew Ridley, which shall come to their
hands, or to the hands of either of them, among the creditors of the said
Ridley
and Pringle, in equal proportion, according to the value of their claims
respectively;
and all the said balance of the property of the said Mark Pringle, in his
separate capacity, which shall come to their hands, or to the hands of
either
of them, shall, from time to time, divide and pay to the separate creditors
of the
said Mark Pringle, in equal proportion, according to the value of their
said respective
claims; and the surplus of such separate property of the said Mark Pringle,
after the payment of his separate creditors, to be applied and paid to
the creditors
of Ridley and Pringle in manner herein before mentioned. |
Trustees to
give bond,
&c. |
VI. And be it
enacted, That the said trustees, before they proceed to the execution
of the said trust, shall give bond with good security, such as the chancellor
shall approve, to the state, for the use of the creditors of the said Mark
Pringle
in his separate capacity, and as surviving partner of Matthew Ridley, in
the
penalty of ten thousand pounds current money, with condition, to be void
if the
said Samuel Sterett, Archibald Campbell and Archibald Moncrieff, and the
said
survivors or survivor of them, shall well and truly execute the said trust
according
to the tenor and true intent and meaning of this act; which bond shall
be
lodged in the chancery-office, and be liable to be sued by any of the sid
creditors,
for their use who may be aggrieved by the misconduct of the said trustees,
or either of them, in the execution of the said trust. |
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