valuation. valuation of said estate, under oath, as far as the same Oct. 18, 1878, §4 has come to his knowledge, and shall then and there Inventory and enter into bonds to the state of Oregon, for the use of His bond. the creditors, in double the amount of the inventory and valuation, with two or more sufficient sureties, to be approved by said clerk, for the faithful performance of said trust; and the assignee may thereupon proceed to perform any duties necessary to carry into effect the intention of said assignment. The assignment void: Dawson v. Crossen, Failure to file inventory. failure of an assignee to file an inventory for record does not render an § 3177. The assignee shall forthwith give notice of 14,$ 5, p. 87. such assignment, by publication in some newspaper in Assignee to publish notio the county, if any, and if none, then in the nearest to creditors. county thereto, which publication shall be continued at least six weeks, and shall forthwith send a notice by mail to each creditor of whom he shall be informed, directed to their usual place of residence, and notifying the creditors to present their claims, under oath, to him within three months thereafter. report to the § 3178. At the expiration of three months from the Id., $6. time of first publishing notice, the assignee shall report Assignee's and file with the clerk of the court a true and full list, court. under oath, of all such creditors of the assignor as shall 17 or. 493, 498. have claims to be such, with a statement of their claims, and also an affidavit of publication of notice, and a list of the creditors, with their places of residence, to whom notice has been sent by mail, and the date of mailing, duly verified. whom claims excepted to. § 3179. Any person interested may appear within I., $7. three months after filing such report, and file with said when and by clerk any exceptions to the claim or demand of any may be creditor, and the clerk shall forthwith cause notice thereof to be given to the creditor, which shall be served 17 Or. 498, as in case of summons, returnable at the next term, and the said court shall, at such term, proceed to hear Hearing the proof and allegation of the parties in the premises, thereof Oct. 18, 1878, §7. and shall render such judgment therein as shall be just, and may allow a trial by jury thereon. Id., §8, p. 88. Dividends among creditors. Id., $9. Assignee to be subject to orders of the court. Id., § 10. of assignor. § 3180. If no exception be made to the claim of any creditor, or if the same have been adjudicated, the court shall order the assignee to make from time to time fair and equal dividends among the creditors of the assets in his hands, in proportion to their claims, and as soon as may be, to render a final account of said trust to said court, who may allow such commissions to said assignee in the final settlement as may be considered just and right. § 3181. The assignee shall at all times be subject to the order of the court or judge, and the said court or judge may, by citation and attachment, compel the assignee from time to time to file reports of his proceedings, and of the situation and condition of the trust, and to proceed in the faithful execution of the duties required by this act. § 3182. No assignment shall be declared fraudulent Examinations or void for want of any list or inventory as provided in this act. The court or judge may, upon application of the assignee or any creditor, compel the appearance in person of the debtor before such court or judge forthwith, or at the next term, to answer under oath such matters as may then and there be inquired of him; and such debtor may then and there be fully examined under oath as to the amount and situation of his estate, and the names of the creditors, and amounts due to each, with their places of residence, and may compel the delivery to the assignee of any property or estate embraced in the assignment. Id., § 11. Inventory of additional assets. The last clause of this section is unintelligible. The intention probably was to say, "the court may compel the delivery," etc. § 3183. The assignee shall from time to time file with the clerk of the court an inventory and valuation of any additional property which may come into his hands under such assignment after the filing of the first inventory, and the clerk may thereupon require him to give additional security. $12. Debts not yet presented. § 3184. Any creditor may claim debts to become due Oct. 18, 1878, as well as debts due, but on debts not due a reasonable abatement shall be made when the same are not drawing due may be interest; and all creditors who shall not exhibit their claims within the term of three months from the publi- Debts not precation of notice as aforesaid shall not participate in the dividends until after payment in full of all claims presented within said term and allowed by the court. sented within three months are postponed. assignee over § 3185. Any assignee as aforesaid shall have as full Id., § 18, p. 89. power and authority to dispose of all estate, real and Authority of personal, assigned as the debtor had at the time of as- estate. signment, and to sue for and recover in the name of such assignee everything belonging or appertaining to said estate, and generally do whatever the debtor might have done in the premises; but no sale of real estate belonging to said trust shall be made without notice published as in case of sale of real estate on execution, unless the court shall order and direct otherwise. case of death his neglect of duty. § 3186. In case any assignee shall die before the Id., $ 14. closing of his trust, or in case any assignee shall fail or Procedure in neglect, for the period of thirty days after the making of of assignee, or any assignment, to file an inventory and valuation, and give bonds as required by this act, the circuit court or judge thereof of the county where such assignment may be recorded, on the application of any person interested, shall appoint some person to execute the trust embraced in such assignment; and such person, on giving the bond, with sureties, as required above of the assignee, shall possess all the powers conferred on such assignee, and shall be subject to all the duties hereby imposed, as fully as though named in the assignment; and in case any surety shall be discovered insufficient, or on complaint before the court or judge it should be made to appear that any assignee is guilty of wasting or misapplying the trust estate, said court or judge may direct. and require additional security, and may remove such assignee, and may appoint others instead; and such person so appointed, on giving bond, shall have full power Oct. 18, 1878, § 14. Procedure in case of death of assignee, or to execute such duties, and to demand and sue for all estate in the hands of the person removed, and to demand and recover the amount and value of all moneys his neglect of and property or estate so wasted and misapplied which he may neglect or refuse to make satisfaction for from such person and his sureties. duty. Feb. 24, 1885, §2. Debtor's discharge. § 3187. Whenever it shall appear to the satisfaction of the court or judge thereof, when the assignment is pending upon the final report of the assignee chosen by the creditors or otherwise, that the assignor has been guilty of no fraud in making the assignment, nor concealment or division of his property or any part thereof, in order to keep the same beyond the reach of his creditors, but that he has acted fairly and justly in all respects, that his estate has been made to realize the fullest amount possible, and not less than fifty per cent of the full amount of his indebtedness of over and above all expenses of the assignment, the said court or judge thereof shall, upon the allowance of the final account of said assignee, make an order discharging the assignor or from any further liability on account of any indebtedness existing against him prior to the making of such assignment, and thereafter such assignor shall be freed from any liability on account of any unsatisfied portion of the indebtedness existing against him prior to the making of his assignment. CHAPTER XXIX. OF PROMISSORY NOTES AND BILLS OF EX CHANGE. § 3188. Promissory notes in writing, payable to bearer or order, effect of. § 3189. Note signed by agent, effect of. Action by payees, indorsees, and holders of promissory notes, nature and extent of. § 3190. § 3191. Note made to the order of maker or fictitious person, effect of. § 3192. § 3193. Grace, days of, when allowed on notes, bills, or orders. § 3194. Acceptance of bill of exchange to be in writing § 3195. Damages on foreign bills, when protested for non-acceptance or non payment. § 3196. Same on inland bills of exchange. notes in writ to bearer, § 3188. All notes in writing made and signed by Jan. 18, 1854, §1. any person, whereby he shall promise to pay to any other Promissory person or his order, or unto the bearer, any sum of money ing payable therein mentioned, shall be due and payable as therein expressed, and shall have the same effect, and be negotiable in like manner, as inland bills of exchange, according to the custom of merchants. effect of. $3189. Every note signed by the agent of any person Id., § 2 under a general or special authority shall bind such per- Note signed son, and have the same effect and be negotiable as provided in the preceding section. agent, effect of Id., payees, in dorsees, and holders, nature and extent of. § 3190. The payees and indorsees of every such note 1a., § 3. payable to them or their orders, and the holders of every Action by such note payable to bearer, may maintain actions for the sums of money therein mentioned, in like manner as in cases of inland bills of exchange, and not otherwise. § 3191. Such notes made payable to the order of the Id., §4. maker thereof, or to the order of a fictitious person, shall, Note to the if negotiated by the maker, have the same effect and be or fictitious of the same validity as against the maker and all per- effect of. sons having knowledge of the facts as if payable to 16 or. 86. bearer. order of maker person, allowed. § 3192. On all bills of exchange payable at a future Feb. 20, 1885,§L day certain within this state, and on all negotiable Grace, when promissory notes, orders, and drafts payable at a future day certain within this state, in which there is not an express stipulation to the contrary, grace shall be allowed, except as provided in the following section, in like manner as it is allowed by the custom of merchants on foreign bills of exchange payable at the expiration of a certain period after date or after sight. Days of grace are not allowed on non-negotiable notes: McMullen v. Abbott, 1 Or. 258. § 3193. The provisions of the last preceding section 1., $2 shall not extend to any bill of exchange, note, or draft Qualification payable at sight or on demand. of last seetion. |