Effective - 28 Aug 1939
426.400. Court may order assignee to compromise debts, when and how. — 1. Whenever it may appear for the best interest of the estate assigned, the court, or judge thereof in vacation, may make an order directing the assignee to sell, compound or compromise all bad or doubtful debts upon such terms and conditions as appear proper and most beneficial to the estate; and in like manner the court, or judge thereof in vacation, may make an order directing the assignee to release and discharge any vested, contingent or possible right or interest in or to any estate or effects assigned, upon such terms and conditions as the court, or judge thereof in vacation, may deem proper and just for the best interest of the estate.
2. The assignee shall report his proceedings under this section to the court at its first term, and within the first three days thereof after such proceedings, for approval or rejection, and for such further and other orders as may be deemed proper; provided, any creditor may appear and file his objections to such report within three days after the filing of the report, if the term shall so long continue, if not, within such time as the court may direct, and such objections shall be heard and determined without delay, and nothing in this section authorized to be done by the assignee shall be final until the approval of the court as herein provided; and provided further, that the assignee, before procuring said order, shall give such notice of his application therefor as the court or judge thereof in vacation may direct.
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(RSMo 1939 § 5778)
Prior revisions: 1929 § 5668; 1919 § 664; 1909 § 937
Structure Missouri Revised Statutes
Title XXVII - Debtor-Creditor Relations
Chapter 426 - Assignment for Benefit of Creditors
Section 426.010 - Voluntary assignment — execution of.
Section 426.020 - Assignee to file inventory, when and where.
Section 426.030 - Inventory to be sworn to.
Section 426.040 - Appraisers, appointment of.
Section 426.050 - Oath, filing and compensation of appraisers.
Section 426.060 - Additional property, duty of assignee.
Section 426.070 - Assignor's list of property — filing of bond of assignee — additional bond.
Section 426.080 - Bond, condition of.
Section 426.090 - Bond, where filed and recorded — approval.
Section 426.100 - Bonds taken in absence of judge, approval or rejection.
Section 426.110 - If rejected, court to order new bond — failure to give revokes authority.
Section 426.120 - Rejected bond valid until new one given — new bond relates back.
Section 426.130 - Suit on bond, by whom and when brought — damages.
Section 426.140 - Assignee to exhibit accounts, when and how — failure — citation — dismissal.
Section 426.150 - Notice of allowance of assignee's accounts by court, how given.
Section 426.160 - Expense of advertising.
Section 426.170 - Demands against estates, how and when allowed.
Section 426.190 - Assignee may administer oaths and examine witnesses.
Section 426.200 - Evidence to establish demand.
Section 426.210 - Decisions of assignee final, unless appeal asked for — appeal to circuit court.
Section 426.220 - Appeals, how taken — affidavit and bond for.
Section 426.230 - Proceedings in circuit court upon appeal.
Section 426.240 - Judgment certified to assignee and claim allowed, when.
Section 426.250 - Demand of assignee against assignor, how allowed.
Section 426.260 - Assignee failing to file true inventory and give bond, court to issue citation.
Section 426.280 - Insolvency or removal from state of surety, proceedings.
Section 426.290 - Assignee, vacancy — appointment.
Section 426.300 - Dismissal of assignee — books to be delivered to successor.
Section 426.310 - Sale of property assigned, how made.
Section 426.320 - Payments to creditors, when and in what amounts — penalty for failure.
Section 426.330 - Assignee shall exhibit condition of assets, when.
Section 426.340 - Failure to exhibit condition of assets — citation of assignee.
Section 426.350 - Assignee may apply for discharge, when and how.
Section 426.360 - Application referred to commissioner, when — proceedings.
Section 426.370 - If objections made, court to determine same, when and how.
Section 426.380 - Appeals, how taken.
Section 426.390 - Proceedings when temporary assignee fails to act, how conducted.
Section 426.400 - Court may order assignee to compromise debts, when and how.
Section 426.410 - Defining the power and authority of assignees.