ORDINANCE No. 3 OF 1846.
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 days previous thereto in the Colonial paper used at the time in the Colony for Govern- ment notifications, and also in some other paper circulating therein.
12. And whereas persons whose estates may, by an order under this Ordinance, have been vested in the said provisional assignee, may be entitled to annuities for their own lives, or other uncertain interests, or to reversionary or contingent interests, 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 appear to the said Court that the debts of such person can be discharged by means of 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.
181
Creditors to meet thirty days before sale of real estate. Meeting to be advertised.
Discretion in Court as to the disposal of property in certain cases.
Property may be mortgaged if more beneficial.
ORDINANCE No. 3 OF 1846.
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 days previous thereto in the Colonial paper used at the time in the Colony for Goveîn- ment notifications, and also in some other paper circulating therein.
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12. And whereas persons whose estates may, by an order under this Ordinance, have been vested in the said provisional assignee, may be entitled to annuities for their own lives, or other uncertain interests, or to reversionary or contingent interests, 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 appear to the said Court that the debts of such person can be discharged by means of 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.
181
Creditors to
meet thirty days. before sale of real estate. Meeting to be advertised.
Discretion in Court as to the disposal of pro- perty in certain
cases.
Property may be mortgaged if more bene- ficial.
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