FREE BOOKS

Author's List




PREV.   NEXT  
|<   348   349   350   351   352   353   354   355   356   357   358   359   360   361   362   363   364   365   366   367   368   369   370   371   372  
373   374   375   376   377   378   379   380   >>  
ARTICLE XVI. It shall be lawful for the merchants on the one part and on the other, to keep in the places of their abode, or elsewhere, books of their accounts and affairs, and also to maintain an intercourse of letters in any language they please, without being liable to any restraint in these respects. Nor shall they be obliged to show their books or papers to any person whatever, unless it be in the course of justice; and if it should become necessary for them to produce their books or papers for deciding any controversy, in such case, no other articles or parts thereof shall be shown, than such as shall relate to the matter in question, or shall be necessary to give credit to the same books and papers. And it shall not be lawful under any pretence, to take the said books or papers forcibly out of the hands of the owners, or to retain them; the case of bankruptcy always excepted. ARTICLE XVII. If any bankruptcies shall happen in Russia, in which any of the citizens of the United States shall be interested, either as creditors or debtors, the creditors shall assemble under the authority of the College of Commerce, and the major part of them, as well with respect to number as to the value of their demands, shall name three or more persons, from among themselves or elsewhere, trustees, who shall take possession of all the effects movable and immovable of such bankrupt, and of his books and papers, and shall examine the same to discover the state of his affairs, and they may decide upon the claims of any one pretending to be a creditor of such a bankrupt, if his claim shall be questioned by any other creditor in whole or in part; and the decision of the major part of such trustees thereupon, shall be final and binding upon all the creditors. The trustees shall have full authority also to demand and receive all debts due to the bankrupt, to sell and dispose of his effects movable and immovable, and shall distribute with all convenient speed the proceeds thereof among all the creditors, in a just proportion to their respective demands and credits, as finally settled and allowed by the trustees, without any preference whatever among the creditors, on account of the different nature of their demands. It is to be understood always, however, that when any immovable estate of the bankrupt shall have been mortgaged and pledged to any creditor, such creditor shall
PREV.   NEXT  
|<   348   349   350   351   352   353   354   355   356   357   358   359   360   361   362   363   364   365   366   367   368   369   370   371   372  
373   374   375   376   377   378   379   380   >>  



Top keywords:

papers

 

creditors

 
bankrupt
 

trustees

 

creditor

 

demands

 
immovable
 
movable
 

thereof

 

effects


lawful
 
ARTICLE
 
affairs
 

authority

 

pretending

 

questioned

 
persons
 

possession

 

decide

 

discover


examine

 

claims

 

account

 

nature

 

preference

 

allowed

 

credits

 

finally

 

settled

 

understood


mortgaged

 

pledged

 

estate

 

respective

 

proportion

 
demand
 
receive
 

binding

 

decision

 

proceeds


convenient
 
distribute
 

dispose

 

justice

 

person

 

obliged

 
articles
 

controversy

 
produce
 

deciding