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Session Laws, 1927
Volume 569, Page 1103   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 1103

vendor therefor or to his order, or to any person for his use,
any promissory note or other evidence of indebtedness for said
purchase price or any part thereof, (except the payment of a
sum not to exceed ten (10) per cent of the purchase price, as
a deposit, as hereinafter provided), without first having de-
manded and received from said vendor or from his agent the
statement provided for in Section 100 hereof and verified as
herein provided, and without paying or seeing to it that
the purchase money of said property is applied to the pay-
ment of the bona fide claims of the creditors of the vendor,
pro rata, according to the priority of their several claims, as
shown upon such verified statement, and without first having
sent the notices of said sale and said statement of creditors,
as provided for in said Section 100, then such sale or transfer,
shall be fraudulent and void as to subsisting creditors, and
such purchaser or agent shall, at the suit of any creditor, be
held liable to the said subsisting creditors of the said vendor
as a trustee for the fair value of all the property so bought
or sold by him; and, in addition, any property transferred
in violation of the provisions of Section 100 to Section 104
hereof, both included, shall be subject to attachment in an
action brought by any Creditor of the vendor. Provided,
however, that if the vendor and/or any creditor of said vendor
whether listed on the statement aforesaid or not shall object

to the schedule of distribution of the proceeds of said sale
by paper writing delivered to the purchaser prior to the time
set for said sale, then the said purchaser or agent may, within
ten days after the consummation of said sale, pay the pur-
chase money of said sale, less the expenses of sale, into the
Circuit Court for the county, in which the place of business of
the vendor is situated or in the Circuit Court or Circuit Court
No. 2 of Baltimore City, in case the place of business of the
vendor is situated in Baltimore City, and said Court shall
upon the application of any creditor make distribution of
said fund to and among persons legally entitled thereto, in
the same manner, as though a receiver had been appointed
for said fund, and the said fund was being distributed under
the orders of said Court. Provided, however, that the said
purchaser may make distribution of the unpaid portion of the
purchase price in accordance with the statement furnished as
aforesaid, even though the vendor or any creditor should ob-
ject, without applying to Court as aforesaid, but in that event
the said purchaser shall be liable to the subsisting creditors
of the vendor, as a trustee for the fair value of all the prop-

 

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Session Laws, 1927
Volume 569, Page 1103   View pdf image (33K)
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