ORDINANCE No. 3 OF 1846. 181
Insolvent Debtors .
appointment, use his or their best endeavours to receive and get in the estate and effects
of such prisoner, and shall with all convenient speed make sale of all such estate and
effects ; and if such prisoner shall be interested in or entitled to any real estate, either
in possession, reversion, or expectancy, such real estate, within the space of six months
after the appointment of such assignee or assignees, or within such other time as the
said Court shall direct, shall be sold by public auction, in such manner and at such
place or places, as shall, thirty days before any such sale, be approved , in writing under
their hands, by the major part in value of the creditors of such prisoner entitled to the
benefit thereof, who shall meet together on notice of such meeting, published fourteen Creditors to
mect thirty days
days previous thereto in the Colonial paper used at the time in the Colony for Govern before sale of
real estate.
ment notifications, and also in some other paper circulating therein. Meeting to be
advertised.
12. And whereas persons whose estates may, by an order under this Ordinance, Discretion in
Court as to the
have been vested in the said provisional assignee, may be entitled to annuities for disposal of pro
perty in certain
their own lives, or other uncertain interests, or to reversionary or contingent interests, cases.
or to property under such circumstances that the immediate sale thereof for payment
of their debts may be very prejudicial to them, and deprive them of the means of
subsistence which they might otherwise have, after payment of their debts ; and it
may be proper in some cases to authorize the raising of money by way of mortgage
for payment of the debts or part of the debts of such person, instead of selling the
property of such person for that purpose ; be it enacted and ordained , that in all
such cases it shall be lawful for the said Court to take into consideration all circum
stances affecting the property of any such person ; and if it shall appear to the said
Court that it would be reasonable to make any special order touching the same, it shall
be lawful for the said Court so to do , and to direct that such property as it may be
expedient not to sell, or not to sell immediately, according to the provisions of this
Ordinance, shall not be so sold, and from time to time to order and direct in what
manner such property shall be managed for the benefit of the creditors of such person,
until the same can be properly sold, or until payment of all such creditors, according
to the provisions of this Ordinance, shall have been made, and to make such orders
touching the sale or disposition of such property as to the said Court shall seem
reasonable, considering the rights of the creditors of such person to payment of their
demands, and the future benefit of such person after payment of his debts, and upon
such terms and conditions with respect to the allowance of interest on debts not bearing
interest , or other circumstances, as to the said Court shall seem just ; and if it shall Property may
be mortgaged
if more bene
appear to the said Court that the debts of such person can be discharged by means of fic.al.
money raised by way of mortgage on any property of such person, instead of raising.
the same by sale, it shall be lawful for the said Court so to order, and to give all
necessary directions for such purpose, and generally to direct all things which may be
proper for the discharge of the debt of such person in such manner as may be most
consistent with the interest of such person in any surplus of his or her effects after
payment of such debt.