State Codes and Statutes

Statutes > New-york > Dcd > Article-7 > 166

§ 166. Powers of trustees. The said trustees shall have power:    1. To sue in their own names or otherwise, and recover all the estate,  debts and things in action, belonging or due to such debtor, in the same  manner  and with the like effect as such debtor might or could have done  if no trustees had been appointed, and no set-off shall  be  allowed  in  any  such  suit,  for any debt, unless it was owing to such creditor, by  such debtor, before presenting the petition of the insolvent under  said  articles.  But  no  suit  in  equity  shall  be  brought by assignees of  insolvents under the third or fourth articles, without  the  consent  of  the  creditors  having  a  major part of the debts which shall have been  exhibited and allowed,  unless  the  sum  in  controversy  exceeds  five  hundred dollars;    2.  To  take  into their hands, all the estate of such debtor, whether  delivered to them, or afterwards discovered; and all books, vouchers and  securities relating to the same;    3. From time to time, to sell at public auction, all the estate,  real  and  personal,  vested  in  them, which shall come to their hands, after  giving at least fourteen days' public notice of the time  and  place  of  sale, and also publishing the same for two weeks in a newspaper, printed  in the county, where the sale shall be made, if there be one;    4.  To allow such credit on the sale of real property by them, as they  shall deem reasonable, not exceeding eighteen months, for not more  than  three-fourths  of the purchase money; which credit shall be secured by a  bond or note of the purchaser, and a mortgage on the property sold;    5. On such sales, to execute the necessary conveyances  and  bills  of  sale;    6.  To  redeem  all  real  or  personal property subject to a security  interest or mortgage, and to satisfy  any  judgments  which  may  be  an  incumbrance  on  any  property so sold by them; or to sell such property  subject to such mortgages, security interests or judgments;    7. To settle all matters and accounts between  such  debtor,  and  his  debtors,  or  creditors, and to examine any person touching such matters  and accounts, on oath, to be administered by either of them;    8. Under the order of the court appointing them, to compound with  any  person  indebted  to such debtor, and thereupon to discharge all demands  against such person.

State Codes and Statutes

Statutes > New-york > Dcd > Article-7 > 166

§ 166. Powers of trustees. The said trustees shall have power:    1. To sue in their own names or otherwise, and recover all the estate,  debts and things in action, belonging or due to such debtor, in the same  manner  and with the like effect as such debtor might or could have done  if no trustees had been appointed, and no set-off shall  be  allowed  in  any  such  suit,  for any debt, unless it was owing to such creditor, by  such debtor, before presenting the petition of the insolvent under  said  articles.  But  no  suit  in  equity  shall  be  brought by assignees of  insolvents under the third or fourth articles, without  the  consent  of  the  creditors  having  a  major part of the debts which shall have been  exhibited and allowed,  unless  the  sum  in  controversy  exceeds  five  hundred dollars;    2.  To  take  into their hands, all the estate of such debtor, whether  delivered to them, or afterwards discovered; and all books, vouchers and  securities relating to the same;    3. From time to time, to sell at public auction, all the estate,  real  and  personal,  vested  in  them, which shall come to their hands, after  giving at least fourteen days' public notice of the time  and  place  of  sale, and also publishing the same for two weeks in a newspaper, printed  in the county, where the sale shall be made, if there be one;    4.  To allow such credit on the sale of real property by them, as they  shall deem reasonable, not exceeding eighteen months, for not more  than  three-fourths  of the purchase money; which credit shall be secured by a  bond or note of the purchaser, and a mortgage on the property sold;    5. On such sales, to execute the necessary conveyances  and  bills  of  sale;    6.  To  redeem  all  real  or  personal property subject to a security  interest or mortgage, and to satisfy  any  judgments  which  may  be  an  incumbrance  on  any  property so sold by them; or to sell such property  subject to such mortgages, security interests or judgments;    7. To settle all matters and accounts between  such  debtor,  and  his  debtors,  or  creditors, and to examine any person touching such matters  and accounts, on oath, to be administered by either of them;    8. Under the order of the court appointing them, to compound with  any  person  indebted  to such debtor, and thereupon to discharge all demands  against such person.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Dcd > Article-7 > 166

§ 166. Powers of trustees. The said trustees shall have power:    1. To sue in their own names or otherwise, and recover all the estate,  debts and things in action, belonging or due to such debtor, in the same  manner  and with the like effect as such debtor might or could have done  if no trustees had been appointed, and no set-off shall  be  allowed  in  any  such  suit,  for any debt, unless it was owing to such creditor, by  such debtor, before presenting the petition of the insolvent under  said  articles.  But  no  suit  in  equity  shall  be  brought by assignees of  insolvents under the third or fourth articles, without  the  consent  of  the  creditors  having  a  major part of the debts which shall have been  exhibited and allowed,  unless  the  sum  in  controversy  exceeds  five  hundred dollars;    2.  To  take  into their hands, all the estate of such debtor, whether  delivered to them, or afterwards discovered; and all books, vouchers and  securities relating to the same;    3. From time to time, to sell at public auction, all the estate,  real  and  personal,  vested  in  them, which shall come to their hands, after  giving at least fourteen days' public notice of the time  and  place  of  sale, and also publishing the same for two weeks in a newspaper, printed  in the county, where the sale shall be made, if there be one;    4.  To allow such credit on the sale of real property by them, as they  shall deem reasonable, not exceeding eighteen months, for not more  than  three-fourths  of the purchase money; which credit shall be secured by a  bond or note of the purchaser, and a mortgage on the property sold;    5. On such sales, to execute the necessary conveyances  and  bills  of  sale;    6.  To  redeem  all  real  or  personal property subject to a security  interest or mortgage, and to satisfy  any  judgments  which  may  be  an  incumbrance  on  any  property so sold by them; or to sell such property  subject to such mortgages, security interests or judgments;    7. To settle all matters and accounts between  such  debtor,  and  his  debtors,  or  creditors, and to examine any person touching such matters  and accounts, on oath, to be administered by either of them;    8. Under the order of the court appointing them, to compound with  any  person  indebted  to such debtor, and thereupon to discharge all demands  against such person.