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The Maryland Code, Public General Laws, 1888
Volume 389, Page 829   View pdf image
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ART. 47.] INSOLVENTS—APPOINTMENT OP TRUSTEES. 829

the property of every description, rights and claims of the
insolvent, as well such as are enumerated and described in his
schedule, as also all other property, rights and claims not so
enumerated and described in his schedule, shall vest in the said
trustee, with the exceptions stated in the foregoing section; and
it shall be the duty of the said preliminary trustee, immediately
to cause notice to be transmitted by mail to each of the creditors
mentioned in the schedule, addressed to them at their respective
places of abode, or of business, so far as mentioned in the
schedule, or known to him, giving notice to such creditors of the
pendency of proceedings in insolvency in relation to the estate of
the insolvent, and requiring them to appear, at a pkce and time
to be named, not less than five nor more than ten days from the
mailing of the notices, to choose a permanent trustee for the
estate of such insolvent, and the place of meeting shall be in the
county or city in which the debtor resides, and said preliminary
trustee shall cause like notice to be given to all creditors generally
of the insolvent, by a notice inserted once in some newspaper in
the county of the debtor's residence, and by two insertions in
some daily newspapers published in the city of Baltimore, when
the debtor is a resident of such city. At the time and place
named, it shall be the duty of the clerk or deputy clerk men-
tioned in sections 18 and 19 of this article, and of the debtor and
preliminary trustee, to appear; and the said clerk or deputy clerk
shall preside at such meeting; thereupon the creditors present
having proven their claims in accordance with the rules to be
prescribed by the court as hereinafter provided, shall proceed to
the election of a permanent trustee for said estate; and the person,
who shall receive the votes of the greater number of said,
creditors, and of those holding the greater amount of indebted-
ness, shall be elected such permanent trustee, subject, however, to
the approval of the court or one of the judges thereof; and if the
creditors fall to attend, or any person fails to obtain the requisite
majority of number and amount of creditors, as before provided,
or if the person elected be, in the opinion of the court, an
unsuitable person to execute the duties of the office of trustee, the
court shall appoint some person to act as permanent trustee; and
when such person shall be elected and appointed as aforesaid, or
appointed by the court, he shall give bond in manner and form.

 

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The Maryland Code, Public General Laws, 1888
Volume 389, Page 829   View pdf image
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