§ 10-4-10 - Dividends to creditors – Assignee's report – Discharge of surety on bond.
SECTION 10-4-10
§ 10-4-10 Dividends to creditors –Assignee's report – Discharge of surety on bond. – No assignee under this chapter at common law for the benefit of creditorsshall, except by consent in writing of all the creditors of the assignor, payany dividend until the expiration of the period of four (4) months from themaking of the assignment. In case no petition in bankruptcy or insolvency hasbeen filed within the four (4) month period, the assignee shall complete theadministration of the assigned estate as soon as may be, and upon the paymentof final dividend shall make itemized sworn report in writing to the superiorcourt of all his or her proceedings under his or her trust; and the court,after at least ten (10) days' notice by the assignee by mail postpaid, directedto the creditors of the assignor at the respective addresses as they appear inthe schedule made by the assignor and filed with the assignee, of the time andplace for hearing upon the assignee's report, shall examine the assignee'sreport and hear any parties interested, and upon the expiration of thirty (30)days after the approval of the assignee's report, or upon a decision approvingthe assignee's report by the supreme court upon appeal, or upon certificationby the superior court as provided in this chapter, the surety upon any bond ofthe assignee shall be thereupon discharged.