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the performance of his duties and submit to the court any question affecting the administration of the estate.

As Amended by the Chandler Act (1938). Adopted from English and Canadian bankruptcy acts. Creditors' committees were previously recognized; under section 77B, now revised as Chapter X.

c.

An attorney shall not be disqualified to act as attorney for a receiver or trustee merely by reason of his representation of a general creditor.

As Amended by the Chandler Act (1938), reversing a rule in some district) courts, including those in New York. A creditor himself may act as receiver} or trustee. See In re Mayflower Hat Co., 65 F.2d 330 (C.C.A.2d, 1933). And a general creditor has no adverse interest disqualifying his attorney. In re Rury, 2 F.2d 331 (C.C.A.9th, 1924).

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Sec. 45. (11 U.S.C. § 73.) Qualifications of Receivers and Trustees [ Receivers and trustees shall be (1) individuals who are competent to perform their duties and who reside or have an office in the judicial district within which they are appointed; or (2) corporations authorized by their charters or by law to act in such capacity and having an office in the judicial district within which they are appointed.

As Amended by the Chandler Act (1938). The reference to receivers was added. "Shall" replaced "may," "Their duties" originally read, "the duties

of that office."

Official Receiver Banned as Monopolistic

The Act of June 7, 1934, P.L.No.296, section 3, 48 Stat. 923, provides: “In the administration of the Act of July 1, 1898, entitled 'An Act to establish a uniform system of bankruptcy throughout the United States, approved July 1, 1898, as amended, the district court or any judge thereof shall, in its or his discretion, so apportion appointments of receivers, and trustees among} persons, firms, or corporations, or attorneys therefor, within the district,, eligible thereto, as to prevent any person, firm, or corporation from having a monopoly of such appointments within such district. No person shall be appointed as a receiver or trustee who is a near relative of the judge of the court making such appointment. The compensation allowed a receiver or) trustee or an attorney for a receiver or trustee shall in no case be excessive or exorbitant, and the court in fixing such compensation, shall have in mind the conservation and preservation of the estate of the bankrupt and the interests of the creditors therein." This has not been incorporated into the Bankruptcy Act, but remains in force. It was evoked to stop the practice in, the Southern District of New York, where the Irving, Trust Company had for several years been appointed receiver in all bankruptcy cases in which receivers were necessary. The Company was also frequently elected trustee by the creditors. There was a sharp difference of opinion whether efficient ad-, ministration had been promoted. The fact that the opponents of this practice, mustered the votes to abolish it has not settled the merits of the controversy, but it has been interpreted as evidence that a proposal for of ficial receivers in bankruptéy would meet strong resistance, S -phase 3 Hitz rei)

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Sec. 46. (11 U.S.C. § 74.) Death or Removal of Receivers and Trustees

The death or removal of a receiver or trustee shall not abate any suit or proceeding which he is prosecuting or defending at the time of his death or removal, but the same may be proceeded with or defended by his joint receiver or joint trustee or successor in the same manner as though the same had been commenced or was being defended by such joint receiver or joint trustee alone or by such successor.

The references to receiver and joint receiver were added by the Chandler Act (1938).

Sec. 47. (11 U.S.C. § 75.)

a.

Duties of Trustees

Trustees shall (1) collect and reduce to money the property of the estates for which they are trustees, under the direction of the court, and close up the estates as expeditiously as is compatible with the best interests of the parties in interest; (2) deposit all money received by them in designated depositories; (3) account for and pay over to the estates under their control all interest received by them upon funds belonging to such estates; (4) disburse money only by check or draft on such depositories; (5) keep records and accounts showing all amounts and items of property received and from what sources, all amounts expended and for what purposes and all items of property disposed of; (6) set apart the bankrupts' exemptions allowed by law, if claimed, and report the items and estimated value thereof to the courts as soon as practicable after their appointment; (7) examine the bankrupts (a) at the first meetings of creditors or at other meetings specially fixed for that purpose, unless they shall already have been fully examined by the referees, receivers, or creditors, and (b) upon the hearing of objections, if any, to their discharges, unless otherwise ordered by the court; (8) examine all proofs of claim and object to the allowance of such claims as may be improper; (9) oppose at the expense of estates the discharges of bankrupts when they deem it advisable to do so; (10) furnish such information concerning the estates of which they are trustees and their administration as may be requested by parties in interest; (11) pay dividends within ten days after they are declared by the referees; (12) report to the courts in writing the condition of the estates, the amounts of money on hand, and such other details as may be required by the courts, within the first month after their appointment and every two months thereafter, unless otherwise ordered by the courts; (13) make final reports and file final accounts with the courts fifteen days before the days fixed for the final meetings of the creditors; and (14) lay be§§ 46-47a (5)

Bankruptcy Act Anno. 6th Ed.-5

fore the final meetings of the creditors detailed statements of the administration of the estates.

The clauses were arranged in a procedural sequence by the Chandler Amendment (1938). (1) corresponds to original (2). The following language introduced by the amendment of 1910 has been shifted from former (2) to section 70c: "And such trustees, as to all property in the custody or coming into the custody of the bankruptcy court, shall be deemed vested with all the rights, remedies, and powers of a creditor holding a lien by legal or equitable proceedings thereon; and also as to all property not in the custody of the bankruptcy court, shall be deemed vested with all the rights, remedies, and powers of a judgment creditor holding an execution duly returned unsatisfied." (2) corresponds to original (3); (3) to original (1), "funds" replacing "property." (4) corresponds to original (4) with changes of form; (5) to original (6) with additions; (6) to original (11). (7), (8) and (9) were added. (10) corresponds to original (5); (11) to original (9); (12) to original (10); (13) to original (8), and (14) to original (7).

b. Whenever three trustees have been appointed for an estate, the concurrence of at least two of them shall be necessary to the validity of their every act concerning the administration of the estate.

C. The trustee shall, within ten days after his qualification, record a certified copy of the order approving his bond in the office where conveyances of real estate are recorded in every county where the bankrupt owns real property or an interest therein, not exempt from execution, and pay the fee for such filing. He shall receive a compensation of 50 cents for each copy so filed which, together with the filing fee, shall be paid out of the estate of the bankrupt as a part of the expenses of administration.

Introduced by the amendment of 1903. By the Chandler Amendment (1938), "ten" replaced "thirty." "His qualification" replaced "the adjudication." "Record" replaced "file." "Real property or an interest therein" replaced "real estate." "Expenses of administration" replaced "costs and disbursements of the proceedings."

Sec. 48. (11 U.S.C. § 76.)

a.

(11 U.S.C. § 76.) Compensation of Receivers, Marshals, and Trustees

Receivers. The compensation of receivers appointed under this Act, for their services payable after they are rendered, shall be as follows:

(1) As custodians.-Receivers appointed pursuant to clause (3) of section 2 of this Act who serve as mere custodians shall receive such amount as may be allowed by the court, but in no event to exceed 2 per centum on the first $1,000 or less, and onehalf of 1 per centum on all above $1,000 on moneys disbursed by them or turned over by them to any person, including lienholders, and also upon moneys turned over by them to the trustee and on moneys subsequently realized from property turned over by them in kind to the trustee.

(2) With full powers.—Receivers appointed pursuant to clause (3) of section 2 of this Act who serve otherwise than as mere custodians shall receive compensation by way of commissions upon the moneys disbursed or turned over to any persons, including lienholders, by them and also upon the moneys turned over by them or afterward realized by the trustees from property turned over in kind by them to the trustees, such amount as the court may allow, but in no event to exceed 6 per centum on the first $500 or less, 4 per centum on all in excess of $500 but not more than $1,500, 2 per centum on all above $1,500 and not more than $10,000, and 1 per centum on all above $10,000.

(3) Conducting business.-Receivers appointed pursuant to clause (3) of section 2 of this Act who conduct the business of the bankrupt as provided in clause (5) of section 2 of this Act, shall receive such amount as may be allowed by the court, but in no event to exceed twice the maximum allowance permitted by paragraph (2) of this subdivision a.

(4) Ancillary receivers.—The compensation of ancillary receivers appointed pursuant to this Act shall be such amount as may be allowed by the court of ancillary jurisdiction, but in no event to exceed the maximum compensation permitted by paragraphs (1), (2), or (3) of this subdivision a, as the case may be, based upon assets in such ancillary jurisdiction.

As Amended by the Chandler Act (1938). (1) and (2) replaced section 48d as amended in 1910, which read: "d. Receivers or marshals appointed pursuant to section two, subdivision three, of this Act shall receive for their services, payable after they are rendered, compensation by way of commissions upon the moneys disbursed or turned over to any person, including lien holders, by them, and also upon the moneys turned over by them or afterwards realized by the trustees from property turned over in kind by them to the trustees, as the court may allow, not to exceed six per centum on the first five hundred dollars or less, four per centum on moneys in excess of five hundred dollars and less than one thousand five hundred dollars, two per centum on moneys in excess of one thousand five hundred dollars and less than ten thousand dollars, and one per centum on moneys in excess of ten thousand dollars: Provided, That in case of the confirmation of a composition such commissions shall not exceed one-half of one per centum of the amount to be paid creditors on such compositions: Provided further, That when the receiver or marshal acts as a mere custodian and does not carry on the business of the bankrupt as provided in clause five of section two of this Act, he shall not receive nor be allowed in any form or guise more than two per centum on the first thousand dollars or less, and one-half of one per centum on all above one thousand dollars on moneys disbursed by him or turned over by him to the trustee and on moneys subsequently realized from property turned over by him in kind to the trustee: Provided further, That before the allowance of compensation notice of application therefor, specifying the amount asked, shall be given to creditors in the manner indicated in section fifty-eight of this Act."

(3) replaced section 48e as amended in 1910, which read: "Where the business is conducted by trustees, marshals, or receivers, as provided in clause five of section two of this Act, the court may allow such officers additional compensation for such services by way of commissions upon the moneys dis

bursed or turned over to any person, including lien holders, by them, and, in cases of receivers or marshals, also upon the moneys turned over by them or afterwards realized by the trustees from property turned over in kind by them to the trustees; such commissions not to exceed six per centum on the first five hundred dollars or less, four per centum on moneys in excess of five hundred dollars and less than one thousand five hundred dollars, two per centum on moneys in excess of one thousand five hundred dollars and less than ten thousand dollars, and one per centum on moneys in excess of ten thousand dollars: Provided, That in case of the confirmation of a composition such commissions shall not exceed one-half of one per centum of the amount to be paid creditors on such composition: Provided further, That before the allowance of compensation notice of application therefor, specifying the amount asked, shall be given to creditors in the manner indicated in section fifty-eight of this Act."

(4) was added.

b. Marshals.-The compensation of marshals, payable after their services are rendered, shall be such amount as may be allowed by the court, but in no event to exceed the maximum allowance permitted for receivers for like services.

As Amended by the Chandler Act (1938). Compensation for marshals was previously governed by d and e (quoted supra).

c. Trustees.-The compensation of trustees for their services, payable after they are rendered, shall be a fee of $5 for each estate, deposited with the clerk at the time the petition is filed in each case, except when a fee is not required from a voluntary bankrupt, and such further sum as the court may allow, as follows:

(1) Normal administration.-When the trustee does not conduct the business of the bankrupt, such sum as the court may allow, but in no event to exceed 10 per centum on the first $500 or less, 6 per centum on moneys in excess of $500 and not more than $1,500, 3 per centum on moneys in excess of $1,500 and not more than $10,000, 2 per centum on moneys in excess of $10,000 and not more than $25,000, and 1 per centum on moneys in excess of $25,000, upon all moneys disbursed or turned over by them to any person, including lienholders: Provided, however, That if in any case, after the trustee has paid all expenses of administration and has realized upon all available assets, the maximum compensation allowable to him hereunder does not exceed $150, the court may of its own motion allow the trustee a fee which with the commissions, if any, paid or to be paid to him shall not exceed $150.

As amended by P.L. 543, 84th Cong., 2d Sess., approved May 28, 1956, which raised all percentages substantially. The 1 per centum bracket was formerly reached at $10,000. The proviso for small cases was introduced by the Chandler Act (1938) with reference to fees not exceeding $100.

"For each estate" was then inserted in the introductory clause to overcome a few holdings which, although permitting a clerk to receive a fee for each estate, only allowed a trustee to receive a fee for each case.

(1) corresponds to a, as amended in 1910, which read: "a. Trustees shall receive for their services, payable after they are rendered, a fee of five

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