CHAPTER XXIII.

MORTGAGES.

A mortgage of real property, whatever its terms, shall not be deemed a conveyance, so as to enable the owner of the mortgage to recover possession of the real property without a foreclosure and sale.

CHAPTER XXIV.

JOINT DEBTORS-RELEASE OF ACT 1866.

Any one of two or more joint debtors, or parties jointly, or jointly and severally, bound by any contract or judgment, may be released from his, her, or its liability upon such contract or judgment by the creditor or creditors, and such release shall not operate, nor be held to operate, in law as a release to the other debtor or debtors upon such contract or judgment, except as to the released debtor's proportion of such liability or debt, estimated upon the basis of the number of such debtors; but such release shall operate only as a release of all liability of such debtor to the creditor in such contract or judgment, and as a credit upon the same of such proportionate sum as herein provided.

It shall not be necessary to make the party released, as provided in the foregoing section, a party to any action upon such contract, but the creditor or creditors aforesaid may pursue the remaining debtors for the remaining portion of such debt, the same as though no such release had been made.

CHAPTER XXV.

INSOLVENT DEBTORS-RELIEF OF-ACT OF 1865.

Every insolvent debtor may be discharged from his debts, as provided by the act, upon executing an assignment of all his real, personal, or mixed property for the benefit of all his creditors, provided the assignment be made bona fide, and without fraud. The District Court alone has jurisdiction in the matter.

The insolvent debtor is required to file a petition, in the proper Court, having jurisdiction where he resides, stating briefly the circumstances which compel him to surrender his property. To the petition shall be annexed a schedule of all the indebtedness, of every kind and nature, of the petitioning debtor; and containing also a true and complete list of all property belonging to him, real, personal, or mixed, and all choses in action, with the estimated value of the same. The petition must be verified. Upon filing the petition and schedules, an order is made notiying creditors to appear before the Judge or Court, upon a certain day, and show cause why the prayer of the petition should not be granted. Notice to creditors is required to be given by publication for not less than thirty days. The creditors, having proved their claims, may choose one or more assignees, not exceeding three. In appointing assignees, the majority of the creditors in sums or in claims shall prevail. The assignees shall give bonds in an amount to be fixed by the creditors, or by the Court. Assignees, under leave of the Court, may sell all of the property, coming to their hands, on twenty days' notice.

All funds arising from sale of the debtor's property shall be distributed by the Court. The assignees may sue, and be sued in respect to anything pertaining to the rights and actions of the insolvent.

All suits brought against the insolvent anterior to the surrender of his property, in other counties, shall be transferred to the Court having jurisdiction of the failure, and where the insolvent has filed his schedule, and may be continued on notice and motion, against the assignees. When a dividend is declared, notice thereof shall be given to creditors.

Two or more creditors may demand to know if the assignees have any funds in their hands, and the assignees shall present their accounts and distribute any funds on hand. The assignees may be removed upon cause shown therefor.

In case the creditors shall refuse to appoint assignees, and no creditor is willing to accept the trust, the Court shall direct the Sheriff of the county to take charge of the surrendered property. The insolvent debtor may be cited before the Court and examined, under oath, in regard to his affairs.

The insolvent debtor may be discharged only from such debts and liabilities as he has set forth in his schedule.

In case of fraud on the part of the insolvent debtor, or if he shall be convicted of having, at any time within three months next preceding his failures, sold, engaged, or mortgaged any of his goods and effects, or of having otherwise assigned, transferred, or disposed of the same, or any part thereof, or confessed judgment in order to give a preference to one or more of his creditors over others, whereby to receive any advantage in anticipation of his failure, to the prejudice of his creditors, he shall be barred the benefit of the act.

If, after the presentation of his petition, the insolvent debtor shall sell, or in any manner transfer, or assign any of his property, or collect any debts due him, and shall not give a just and true account of the property so sold or transferred, and moneys collected, and pay the same over to the assignees within ten days after their appointment, he shall be denied the benefit of the act.

If at any time, after the debtor may have been discharged, it shall be made to appear that he has concealed any of his property, or has given a false schedule, or committed any fraud under the act, he shall be deemed to have forfeited all benefit of the act and his discharge shall not be a bar to any claim that may be instituted against him. The insolvent is entitled to the exemptions allowed by lawto be set apart to him by the Court. The application for the benefit of the act must be made by the insolvent in person. The Judge may appoint an attorney to represent creditors residing without the limits of the State.

Mortgages and liens existing bona fide against the surrendered property, may be enforced in the same manner as though no such surrender had been made.

In case an insolvent has once received the benefit of the act, and shall during the succeeding year apply the second time, he shall not be permitted to receive the benefit of the act, except the appraised value of the property surrendered exceed one-third of his debts, unless it be proven to the Judge, by the affidavit of at least two credible and disinterested witnesses, that the debtor has really experienced the losses by him stated, and that said losses have reduced him to the condition in his petition stated.

The assignees shall make their returns under oath.

No assignment of any insolvent debtor, otherwise than is provided in this act, shall be legal or binding upon creditors.

CHAPTER XXVI.

TRAVELERS' LICENSE LAW.

Statute relative to commercial travelers, drummers, etc., passed February, 1877.

Every traveling merchant, hawker, or peddler, who shall carry a pack or vend goods, wares, or merchandise of any kind, and every auctioneer, shall pay for such license the sum of ten dollars per month; and every traveling merchant, hawker, or peddler who shall use a wagon, or one or more animals, for the purpose of vending any goods, wares or merchandise of any kind, or wines, fermented, or spirituous liquors, shall pay for such license twenty-five dollars per month; and every traveling merchant, agent, drummer, or other person selling or offering to sell any goods, wares, or merchandise of any kind, to be delivered at some future time, or carrying samples and selling or offering to sell goods, wares, or merchandise of any kind similar to said samples, to be delivered at some future time,

shall pay for such license twenty-five dollars per month; provided, that nothing in this section shall be so construed as to apply to the sale of fruits or the agricultural products of this State, or any other State or Territory of the United States.

The County Auditor shall issue to the Sheriff of the several counties the licenses contemplated in this section, which licenses so issued shall authorize the holders of the same to vend goods, wares and merchandise as set forth in said license, within the county where such licenses are obtained; and it is hereby made the duty of every Justice of the Peace, Constable, Sheriff, and all peace officers to demand the license of any such peddler, hawker, agent, drummer, or other person named herein, and if such person be found not to have a license, as directed by law, the person so offering any goods, wares, or merchandise for sale, shall be guilty of a misdemeanor, and on conviction shall be fined in any sum not less than fifty nor more than five hundred dollars.