Art. 528. The assignees shall represent the mass of the creditors; they shall proceed to the adjustment of the balance-book, if there be occasion.

They shall, in virtue of the contract of union, and without any other warrant, proceed to the sale of the real property of the insolvent, of his goods and moveable effects, and the liquidation of his debts receivable and payable: the whole under the superintendence of the commissioner, and without any need of calling in the assistance of the insolvent.

Art. 529. In every case, the wearing apparel and furniture necessary for the personal use of the insolvent and his family, shall be delivered to him, with the approbation of the commissioner, and on the proposal of the assignees, who shall draw up a list of the articles so delivered.

Art. 530. If no presumption of bankruptcy exist, the insolvent shall have a right to ask, by way of assistance, an allowance out of his estate; the assignees shall propose the proportion which shall be determined by the tribunal, on the report of the commissioner, according to the necessities and the extent of the family of the insolvent, his honesty, and the more or less loss his creditors may sustain.

Art. 531. At every meeting of the creditors, the commissioner of the tribunal of commerce shall render an account of the cir cumstances of the failure, on which the tribunal shall pronounce, as is declared in article 526., whether the insolvent be excusable or not, and susceptible of being restored to his rights and pri vileges.

In case the tribunal of commerce make no order in favour of the insolvent, he shall lie under the imputation of bankruptcy, and be remitted to the magistrate of public safety, conformably to the regulation of article 526.

CHAPITRE IX.

DES DIFFERENTES ESPECES DE CREANCIERS ET DE LEURS DROITS EN CAS DE FAILLITE.

SECTION PREMIERE.

Dispositions générales.

Art. 532. S'il n'y a pas d'action en expropriation des immeubles, formée avant la nomination des syndics définitifs, eux seuls seront admis à poursuivre la vente; ils seront tenus d'y procéder dans huitaine, selon la forme qui sera indiquée ci-après.

Art. 533. Les syndics présenteront au commissaire l'état des créanciers se prétendant privilégiés sur les meubles, et le commissaire autorisera le paiement de ces créanciers sur les premiers deniers rentrés. S'il y a des créanciers contestant le privilège, le tribunal prononcera; les frais seront supportés par ceux dont la demande aura été rejetée, et ne seront pas au compte de la

masse.

Art. 534. Le créancier porteur d'engagements solidaires entre le failli et d'autres coobligés qui sont en faillite, participera aux distributions dans toutes les masses, jusqu'à son parfait et entier paiement.

Art. 535. Les créanciers du failli qui seront valablement nantis par des gages, ne seront inscrits dans la masse que pour mémoire.

Art. 536. Les syndics seront autorisés à retirer les gages au profit de la faillite, en remboursant la dette.

CHAPTER IX.

OF THE DIFFERENT SPECIES OF CREDITORS, AND THEIR RIGHTS IN CASES OF FAILURE.

SECTION I.

General Provisions.

Art. 532. If there be no execution against the real property of the insolvent, levied before the appointment of the definitive assignees, they solely shall be authorized to institute proceedings for the sale of the same, which they shall be bound to prosecute, within eight days, according to the mode hereafter prescribed.

Art. 533. The assignees shall present to the commissioner, a list of the creditors claiming to be privileged by a lien on the moveables, and the commissioner shall authorize the payment of these claims out of the first money received. If any of the creditors dispute the privilege, the tribunal shall decide; the costs shall be borne by those whose demands are rejected, and shall not come out of the common fund.

Art. 534. The creditor holding a joint and several obligation, between the insolvent and other persons, who are also in a state of failure, shall participate in the dividends of all their respective estates, until he shall be fully paid.

Art. 535. The creditors of the insolvent, who are fully secured by pledges, shall have their names enrolled in the general mass, only by way of memorandum.

Art. 536. The assignees shall be authorized to redeem the pledges, for the benefit of the insolvent's estate, by paying the amount of the debt.

Art. 537. Si les syndics ne retirent pas le gage, qu'il soit vendu par les créanciers, et que le prix excède la créance, le surplus sera recouvré par les syndics; si le prix est moindre que la créance, le créancier nanti viendra à contribution pour le surplus.

Art. 538. Les créanciers garantis par un cautionnement seront compris dans la masse, sous la déduction des sommes qu'ils auront reçues de la caution; la caution sera comprise dans la même masse pour tout ce qu'elle aura payé à la décharge du failli.

SECTION II.

Des Droits des Créanciers hypothécaires.

Art. 539. Lorsque la distribution du prix des immeubles sera faite antérieurement à celle du prix des meubles, ou simultanément, les seuls créanciers hypothécaires non remplis sur le prix des immeubles, concourront, à proportion de ce qui leur restera dû, avec les créanciers chirographaires sur les deniers appartenants à la masse chirographaire.

Art. 540. Si la vente du mobilier précède celle des immeubles, et donne lieu à une ou plusieurs répartitions de deniers avant la distribution du prix des immeubles, les créanciers hypothécaires concourront à ces répartitions dans la proportion de leurs créances totales, et sauf, le cas échéant, les distractions dont il sera ciaprès parlé.

Art. 541. Après la vente des immeubles et le jugement d'ordre entre les créanciers hypothécaires, ceux d'entre ces derniers qui viendront en ordre utile sur le prix des immeubles pour la totalité

Art. 537. If the assignees do not redeem the pledge, and it be sold by the creditor for a higher price than the amount of the debt, the surplus shall be paid over to the assignees; if the price fall short of the debt, the creditor holding the pledge shall be entitled to a dividend on the insolvent's estate, for the balance due to him.

Art. 538. The creditors who hold a guaranty shall be included in the mass, deducting the sums which they shall have received from the surety; the surety shall be included in the same mass for so much as he shall have paid in discharge of the insolvent.

SECTION II.

Of the Rights of Mortgage Creditors.

Art. 539. When the distribution of the proceeds of the real property shall be made previously to that of the proceeds of the personal property, or simultaneously with it, the mortgage creditors solely, whose demands are not satisfied out of the price of the real property, shall come in for what remains due to them, ratably with the simple contract creditors, on the funds of the general mass.

Art. 540. If the sale of the personal property precede that of the real, and there should be occasion for one or more dividends of the money thence arising, before the distribution of the proceeds of the real property, the mortgage creditors shall come in for their share of those dividends, in proportion to their full demands, subject, however, should the case happen, to the deductions hereafter mentioned.

Art. 541. After the sale of the real property, and the judgment declaring the order of the different mortgage creditors, those among them who are entitled to a preference by priority of date