the assignee any power which, if exercised, might prevent or delay the immediate conversion of the assigned property for the purposes of the trust, or exempt him from liability for neglect of duty or misconduct. The assignment must be recorded with the county recorder of the county in which the assignor resides, or in which is his principal place of business, or if he have no such residence or place of business, in the county where the property is located. Within 20 days after an assignment, the assignor must file a verified inventory showing all his creditors, their residences, the amount due each, and the nature of the debt, all his property, with the encumbrances and value and other data mentioned in the statutes. The sheriff must take possession and custody of the property, and give notice to the creditors, who, on the day specified, meet and elect an assignee, to whom the sheriff transfers the property and who thereafter administers the trust, requiring proof of all claims and applying the property to the satisfaction of them ratably.

Colorado.-Any person, copartnership, or corporation may make a general assignment, which to be valid must be for the benefit of all creditors without preferences. The assignment must be filed for record in the office of the clerk and recorder of the county where the assignor resides, or, if a non-resident, where his principal place of business is in this state. The assignor shall, within 4 days, render to the assignee a verified inventory of his assets, creditors, and the amount due them. The assignee, within 6 days after recording, must file a verified inventory of the property that has come to his knowledge, and give bond. He shall then give notice in a newspaper in the county for 4 weeks, and send notice by mail to each creditor to present his. claim within 3 months. Claims filed within such 3 months shall have precedence, unless the creditor show that he did not receive such notice. At the expiration of 3 months, the assignee, on filing a statement of his proceedings, may declare a dividend. Claims of servants, laborers, and employes for wages earned during 6 months next preceding the date of the assignment, not to exceed $50 to any one person, and all taxes assessed under the laws of the state or the United States, shall be paid in full prior to the payment of dividends in favor of other creditors. The assignee shall close his trust within 1 year from the filing of the assignment, unless the court, for good cause shown, extend the time. The debtor desiring to be discharged shall, at any time after three months and within 1 year of the filing of the assignment, file his application for his discharge. The order for the creditors to show cause why the debtor shall not be discharged shall be published for 4 weeks, and notice shall be mailed to each creditor within 5 days. On hearing, the court may then discharge the debtor as to all creditors who have received notice, or who have taken part in the proceedings, except as to debts due in fiduciary capacity or in consequence of defalcation as a public officer.

Connecticut.-Preferences are not allowed, except claims for personal services, and costs of attachments and of executions dissolved by such assignment. An assignment must be lodged for record in the office of the court of probate for the district where the assignor or assignees or some of them reside; if the assignment be recorded before the lien of a creditor attaches, it will avail against it. The probate court will cause public notice to be given, and upon hearing will approve the trustee selected by the debtor or appoint another. All attachments and incomplete levies of execution commencing within 60 days of the filing of such assignment are dissolved thereby. At a meeting of creditors for the purpose, two commissioners are appointed by the probate court to receive and decide upon claims against the debtor's estate and report the same to the court. Notice of said appointment is sent to all known creditors and the time is limited (not less than 3 nor more than 6 months) for the presentation of claims. Appeal from the doings of commissioners within 1 month lies to the superior court, if the claim exceed $50. Claims for personal services rendered within 3 months to the amount of $100 will be allowed as preferred. The debtor may be allowed, for the support of his family, a sum not exceeding $3 per week for each member and not exceeding $15 per week in the whole, for such time not exceeding 6 months, as the court may order. If no reservation of cash were made in the deed of assignment, the court may allow the debtor a further sum, not exceeding $100; and, if the estate pay more than 50 per cent. on final settlement, the court may order payment to the debtor of 25 per cent. of such excess, provided it shall not exceed $1,000. The court will direct payment of claims in the following order: Expenses of settlement, taxes, and debts to the state and the United States, cost of attaching and levying creditors, such claims allowed by commissioners as are to be paid in full, and other claims allowed in proportion to their amounts. The debtor gets no discharge unless the estate pay 70 per cent. or more on the claims allowed.

Delaware.-Assignments for the benefit of creditors are rarely used in this state since the decision of the chancellor in Elliott v. Moutell, 7 Houston, 194, in which, in commenting on the act of March 25, 1875, he said the act nowhere professes to declare what shall constitute a valid assignment, but only prescribes that when a voluntary assignment is made, certain things must be done as therein specified. The decision is to the effect that such an assignment can be effectual only with the privity and consent of all the creditors. If the assignment is unimpeachable the act of March 25, 1875, provides the machinery for carrying it into effect, such as the bond of the trustee, the inventory and appraisement, and the general supervisory control of the chancellor. In the case of insolvent corporations, there is a statutory provision by which any stockholder or creditor may apply to the

chancellor for the appointment of a receiver or receivers to take charge of the affairs and business thereof. Such a receiver or receivers are subject to the order of the chancellor.

District of Columbia.-Voluntary assignments made for the benefit of creditors shall be made to an assignee who is a resident of the District of Columbia, and duly acknowledged and recorded within 5 days after its execution in the land records of the district. The assignee is required, immediately upon the filing of such statement, to file in the clerk's office of the supreme court of the district his bond to the United States, to be approved by the justice holding a court of equity. To such an assignment, the debtor is required to annex an inventory, under oath or affirmation, of all his estate, real and personal, and to furnish a list of all creditors, their residences and places of business, and the amounts of their respective demands. Every provision in any voluntary assignment for the payment of one debt in preference to the others shall be void, and all debts and liabilities shall be paid pro rata from the assets, except bona-fide liens existing before the execution of such assignment. And every sale, assignment, or transfer of property or effects of a partnership, or of any general partner, made by such partner when insolvent, with the intent of giving preference to any creditor of such partnership or insolvent partner, and every judgment confessed or lien created under such circumstances shall be void as against the creditors of such partnership.

Florida. -The selection and appointment as assignee of any person related by consanguinity or affinity to the assignor is prohibited. Preferences are not allowed. All property, except that exempt, must be transferred to the assignee. The assignment must be recorded in the clerk's office of the county or counties where the assigned property is situated. The assignor must within 10 days make and subscribe an oath that he has placed all his property except his exemption in the hands of his assignee for equal distribution among his creditors. The assignor must publish for 4 weeks a notice to creditors, and mail a notice to each. If the creditors reside within the state, they must file their claims within 60 days thereafter; if beyond the state, within 4 months. The assignee is required to file semiannually a sworn statement of his transactions. The assignment does

not release the debtor from debts not satisfied by it.

Georgia.-An insolvent debtor, except limited partnerships if made with a view of insolvency or while insolvent, and except corporations, may prefer creditors. Conveyances of every kind made with intent to delay or defraud creditors, where such intent was known to the party taking, and assignments reserving any trust or benefit to an insolvent, are void as to existing creditors. Creditors must be notified

by the assignee of the filing of the assignment within 30 days. Preferred debts are not to be paid until 60 days after the filing of the assignment.

Idaho.-No assignments are valid except those made on petition and on proceedings in the district court of the county where the debtor resides. By such proceedings, an insolvent debtor may assign all his property for the benefit of all his creditors, the court appointing the assignee. No preferences are allowed. On full disclosure by the debtor of all his liabilities, and all claims due and owing to him, and by surrender of all his property not exempt from execution, he will be discharged from liability on his indebtedness so far as concerns debts due to creditors residing in the state.

Illinois. The assignment must be acknowledged and recorded in the county where the debtor resides, and where the business in respect to which the assignment is made is carried on, and in the county or counties where any land assigned is situated. Provisions for the payment of one creditor in preference to another are void, and all debts are to be paid pro rata. This statute renders wholly void any disposition of the debtor's property by way of preference of one debtor over another, by confession of judgment, or by an actual transfer by the debtor, where such disposition of the debtor's property is made after he has determined to make an assignment for the benefit of his creditors. The property so transferred or disposed of may be recovered by the assignee. The assignee must give notice by publication in a newspaper within the county for 6 weeks, and by mail to each creditor, to present their claims under oath within 3 months. He must file in the county court a sworn inventory and valuation of the estate assigned. At the first term after the 3 months allowed for presenting claims, where no exceptions are filed, or if such as are made be disposed of, the assignee is ordered by the court to make an equal dividend among the creditors, except as to claims due to laborers and servants, whose debts are preferred in payment, and within 1 year thereafter the assignee is required to render final account. In case of the death, or the failure of an assignee to qualify within 20 days after the assignment, the court may appoint another, and he may be removed for waste or misapplication of the trust estate. The debtor may be examined on oath touching his estate. Claims not presented within 3 months from the publication of notice cannot participate in the dividends until all claims presented within that time are paid in full. The assignment, and all the proceedings under it, may be superseded upon the assent in writing of the debtor and a majority of his creditors in number and amount, and thereupon all parties are remitted to the rights and duties existing at the date of the assignment, except so far as such estate shall have been already administered and disposed of.

Indian Territory.-Assignments may be made of all or a part of the property of a debtor. Preferences are not allowed. The assignee must file an inventory and give bond. Property must be sold within 120 days at public auction, upon 30 days' notice.

Indiana.—The act does not prevent preferences by direct transfers of property or by assignment of all or part of the assignor's property for the benefit of part of his creditors, but it is intended simply to regulate assignments of the debtor's entire estate intended to be for the benefit of all his creditors, in which case the law must be complied with or the assignment will be void. The deed of assignment must be filed for record in the office of the recorder of the county in which the assignor resides within 10 days after its execution, and no title passes to the assignee until this has been done. The trustee must qualify within 15 days. If he fail to act, the court may appoint a substitute upon petition. The trustee named may be removed by the court on the petition of creditors representing in amount one-half of the liabilities of the debtor. The court may order the examination under oath of the debtor as to the conduct of his business for 6 months preceding the assignment. The debtor is not discharged from his liabilities.

Iowa.-Preferences are not allowed. Taxes, however, have priority, and after payment of these, the earnings of any creditor for his personal services shall be a preferred claim, if such services were rendered to the assignor at any time within 90 days preceding the assignment. The assignment must be acknowledged like a conveyance of real property, and recorded in the county where the debtor resides or his business has been carried on. Unless possession accompany the conveyance of personal property, such assignments must be recorded as other conveyances. The assignee must file an inventory under oath and give bonds. On application of two-thirds of the creditors in number and amount, the court shall remove the assignee and appoint one approved by such creditors. The assignee must give notice of the assignment, by publication for 6 weeks, and by mail to each known creditor, directing him to present his claim under oath within 3 months thereafter. On the expiration of the 3 months from the time of first publishing notice, he shall file a list of creditors who have presented claims, together with a statement of the claims, under oath, and also proofs of the notice given. Within 3 months after the filing of this report, any person interested may contest any such claim, which shall be tried, proper notice having been given to such creditor. returnable at the next term. The court may order the assignee to make dividends to the creditors from time to time, and also to make reports. The assignee shall dispose of all personal property within 6 months of the date of the assignment, and of the real property within a year, unless the court extend the time. All claims presented