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same for such amount as may be necessary for the purposes of such reorganization; and may issue bonds or other evidences of indebtedness, or additional stock, or both, and use the same for the full or partial payment of the creditors who will accept the same, or otherwise dispose of the same for the purposes of the reorganization.

P. L. 1882, p. 167.

71. Power of receiver to examine witnesses, etc.

Such receiver shall have power to send for persons and papers and to examine any persons, including the creditors and claimants, and the president, directors and other officers and agents of the corporation, on oath or affirmation (which oath or affirmation the receiver may administer), respecting its affairs and transactions and its estate, money, goods, chattels, credits, notes, bills and choses in action, real and personal estate and effects of every kind, and also respecting its debts, obligations, contracts and liabilities, and the claims against it; and if any person shall refuse to be sworn or affirmed, or to make answers to such questions as shall be put to him, or refuse to declare the whole truth touching the subject-matter of the said examination, the court of chancery may, on report by the receiver, commit such person to prison, there to remain until he shall submit himself to be examined, and pay all the costs of the proceedings against him.

Act of 1875, §74.

Service of a summons by a receiver under this section, when made without the state, does not give the courts of this state authority to declare a person, failing to appear in response thereto, in contempt. Fidelity & Casualty Co. v. MacAfee Co., 72 N. J. Eq., 279.

72. Power to search, etc.

Such receiver, with the assistance of a peace officer, may break open, in the daytime, the houses, shops, warehouses, doors, trunks, chests, or other places of the corporation where any of its goods, chattels, choses in action, notes, bills, moneys, books, papers or other writings or effects, have been usually kept, or shall be, and take possession of the same, and of the lands and tenements belonging to the corporation.

Act of 1875, §75.

73. Acts of majority of receivers or trustees valid; receivers may be removed and others appointed.

Every matter and thing by this act required to be done by receivers or trustees shall be good and effectual, to all intents and purposes, if performed by a majority of them; and the Court of Chancery may remove any receiver or trustee, and appoint another or others in his place or fill any vacancy which may

occur.

P. L. 1829, p. 63; Act of 1875, $79.

74. Inventory and report.

Such receiver, as soon as convenient, shall lay before the court of chancery a full and complete inventory of all the estate, property and effects of the corporation, its nature and probable value, and an account of all debts due from and to it, as nearly as the same can be ascertained, and make a report to the court of his proceedings every six months thereafter during the continuance of the trust.

P. L. 1829, p. 62; Act of 1875, §76.

75. Court may limit time to present and make proof of claims.

The court of chancery may limit the time within which creditors shall present and make proof to such receiver of their respective claims against the corporation, and may bar all creditors and claimants failing so to do within the time limited from participating in the distribution of the assets of the corporation; the court may also prescribe what notice, by publication or otherwise, shall be given to creditors of such limitation of time.

P. L. 1896, p. 301.

The court had no power, except by implication, previous to the corporation revision taking effect July 4, 1896, to make any order absolutely barring creditors.

In Grinnell v. Merchants' Ins. Co., 16 N. J. Eq., 283, it was held (1) that a creditor of an insolvent corporation, who shows a reasonable excuse for not presenting his claim within the time limited by the order of the court, will be admitted at any time before actual distribution, or even after partial payments, if there be a surplus in the hands of the receiver so as not to interfere with payments already made, and (2) that a creditor does not by such presentment, obtain a vested right to a certain dividend to the exclusion of others.

Where a claim was not presented within the time limited by the court, and application having been made to allow the presentation of the claim before distribution was made of the assets in the receiver's hands, and it having been made to appear that no embarrassment in the administration of the trust which the receiver could not and should not have provided against, in view of their knowledge and of the intention to urge the claim, had occurred, the claimant was allowed to present the claim beyond the time limited. Wall v. Young, 54 N. J. Eq., 24.

A creditor who shows a reasonable excuse for not presenting his claim within the time limited by the order will be admitted at any time before actual distribution. Grinnell v. Insurance Co.,

16 N. J. Eq., 283.

See Pattberg v. Pattberg & Bros., 55 N. J. Eq., 604; Conklin v. U. S. Shipbuilding Co., 136 Fed. Rep., 1006 (Circuit Court).

76. Claims to be upon oath.

Every claim against an insolvent corporation shall be presented to the receiver in writing and upon oath; and the claimant, if required, shall submit himself to such examination in relation to the claim as the receiver shall direct, and shall produce such books and papers relating to the claim as shall be required; and the receiver shall have power to examine, under oath or affirmation, all witnesses produced before him touching the claims, and shall pass upon and allow or disallow the claims, or any part thereof, and notify the claimants of his determination.

P. L. 1829, p. 62.

The appointment of a receiver for a corporation and an injunction against its contracting, collecting or assigning debts are held not to excuse it for the subsequent breach of a contract of agency for a period of five years, made two years prior to the ap pointment of the receiver. Rosenbaum v. U. S. Credit System Co.,

61 N. J. Law, 543.

B made a contract with a corporation to serve it for a term of years for a fixed salary. Before the expiration of the term the corporation became insolvent and a receiver was appointed, thereby occasioning a breach of contract on the part of the corporation. Held, that B was entitled to present a claim to the receiver for the amount of damages he suffered by the breach. Spader v. Mural Decoration Company, 47 N. J. Eq., 18.

Proof of claim for a tort may be made to the receiver and the tort claimant may share as a creditor even if the tort claim is not reduced to judgment until after the declaration of insolvency. Lehigh & Wilkesbarre Coal Co. v. Stevens & Condit Transp. Co., 63 N. J. Eq., 107. Explained in Hoopes v. Basic Co., 69 N. J. Eq., 683. See also Hoskins v. Seaside Ice Mfg. Co., 68 N. J. Eq., 476. A creditor must duly file a sworn proof of his claim, in itself satisfactory. If he fails to do so he cannot hold the receiver for any dividend which has been paid to another creditor on satisfactory proof. A receiver cannot be charged with knowledge extrinsic to the sworn proofs. Meding v. Todd, 56 N. J. Eq,, 820.

Claims for money advanced substantially as payments for stock and not as loans are properly disallowed by the receiver. Hollins v. American Union Electric Co., 66 N. J. Eq., 457.

77. Trial by jury allowed at the circuit.

Any creditor or claimant who shall lay his claim before such receiver may, at the same time, demand that a jury shall decide thereon, and in like manner the receiver may demand that the same shall be referred to a jury; and in either case such demand shall be entered on the minutes of the receiver, and thereupon an issue shall be made up between the parties, under the direction of one of the justices of the supreme court, and a jury impanelled, as in other cases, to try the same in the circuit court of the county in which the corporation carried on its business or had its principal office; the verdict of the jury shall be subject to the control of the supreme court, as in suits originally instituted therein, and when rendered, if not set aside by the court, shall be certified by the clerk of the supreme court to the receiver; the creditor shall be considered, in all respects, as having proved his debt or claim for the amount so ascertained to be due, and in all cases in which no trial by jury shall be demanded the court of chancery shall have jurisdiction to pass upon the claims presented and to determine the rights of the claimants, and to make such order or decree touching the same as shall be equitable and just.

P. L. 1829, p. 62; Act of 1875, §78.

78. Persons aggrieved by proceedings may appeal to court of chancery.

Every such insolvent corporation, or any person aggrieved by the proceedings or determination of such receiver in the discharge of his duty, may appeal to the court of chancery, which court shall, in a summary way, hear and determine the matter complained of,

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