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Execution of Assignments

All assignments made by debtors for benefit of their creditors must be made in writing and duly recorded in the office of the county clerk. The assignee's assent must also be in writing upon the assignment.

An assignment must be acknowledged by all the partners of the firm making it. An assignment, after being executed and acknowledged, may be revoked before its delivery to the assignee.

The assignee may be removed for any acts implying fraud, or for negligence, or for conduct which gives rise to suspicions of administering the estate in the interest of the assignor. He may be removed also, if his business or domestic relations be such as to conflict with his performance of duty. He must give an accounting before removal.

In the event of an assignee's death, his representative or successor in office may be substituted by the county judge.

A citation to appear for settlement of account of proceedings must be issued to all persons interested, including assignors, assignees, and sureties. The assignee may make reasonable expenditures in the management of the assigned estate, but it must be shown that the estate was benefited by said expenditures. Creditors must prove their claims before receiving a distributive share of the assigned property. A preferred claim must be paid, although not presented. A wife may be preferred, if the assignor holds her money as a loan. Usurious notes must be paid their distributive share, less their usury. The assignee will not pay claims for damages, or debts subsequent to the assignment. )