reconsidered for a sufficient
reason and reallowed or rejected in whole or in part, as justice may
require, at any time before the closing of the estate. The
reexamination may be had on the application of the trustee or of any
creditor by the referee, witnesses may be called to give evidence, and
the referee may expunge or reduce the claim or adhere to the original
allowance.

The appointment of the trustee by the creditors at their first meeting
is subject to the approval or disapproval of the referee or the judge.
Should the creditors make no appointment the court appoints one. As
soon as he has been appointed it is the duty of the referee to notify
him in person or by mail of his appointment. If he fails to qualify
or a vacancy occurs, the creditors have an opportunity to make another
appointment. If a trustee accepts he must give a bond with sureties
for the faithful performance of his duties. He may also be removed for
cause after notice by the judge only. Should he die or be removed
while serving, no suit that he was prosecuting or defending will abate
but will be continued by his successor.

The trustee represents the bankrupt debtor as the custodian of all his
property that is not exempt; also the creditors, and gathers all the
bankrupt's property from every source and protects and disposes of it
for the best interests of the creditors, and pays their claims. In
short, he succeeds to all the interests of the bankrupt, is an officer
of the court and subject to its orders and directions. He must deposit
all moneys received in one of the designated depositories, can
disburse money only by check or draft, and at the final meeting of the
creditors must present a detailed statement of his administration of
the estate. During the period of settlement he must make a report to
the court in writing of the condition of the estate, the money on
hand, and other details within the first month after his appointment,
and bi-monthly thereafter unless the court orders otherwise.

The federal Bankruptcy Act prescribes what property passes to the
trustee and also what is exempt. Whatever property on which a levy
could have been made by judicial process against the bankrupt passes
to the trustee. On the other hand, the income given to a legatee for
life under a will providing it shall not be subject to the claims of
creditors does not pass to the trustee. If the bankrupt has an
insurance policy with a cash surrender value payable