An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1883/1884 |
---|---|
Law Number | 472 |
Subjects |
Law Body
Chap. 472.—An ACT to amend and re-enact section 39 of chapter 128
of the Code of 1873, in relation to compromises by fiduciaries with
the sanction of a court of equity.
Approved March 17, 1884.
1. Beit enacted by the general assembly of Virginia, That
section thirty-nine of chapter one hundred and twenty-eight
of the Code of eighteen hundred and seventy-three, be amend-
ed and re-enacted so as to read as follows: .
§39. It shall be lawful for any fiduciary to compound and
compromise any liability due to or from him: provided that
said compounding and compromise be ratified and approved
by a court of equity of competent jurisdiction, all the parties
in interest being before said court by proper process. When
said compounding and compromise shall have been so ratified
and approved, it shall be binding on all parties in interest
before said court. And any trustee, mortyagee or receiver
of a joint stock company heretofore, or that may hereafter be
chartered by or under the laws of this state, charged with the
duty of collecting the assets of such company for the payment
of its debts, may, with the sanction of a court of equity of
competent jurisdiction, in which by a creditor's bill or other
proper proceeding, jurisdiction has been acquired over the
company and its trustee or trustees, mortyavee or mortgavees,
if any, to obtain payment of its debts by the enforcement of
liens, the execution of trusts or otherwise, compound and
compromise, any calls or liabilities to calls upon the unpaid
subscriptions to the capital stock of such company, debts and
liabilities capable of resulting in debts, and all claims, whether
present or future, certain or contingent, ascertained or sound-
Ing only in dumages, subsisting or supposed to subsist between
the company and any contributory or alleged contributory
or other debtor or persons apprehending liability to the com-
pany, and all questions in any way affecting the assets of the
company, upon the receipt of such sums, payable at such
times and generally upon such terms as may be agreed upon,
with power for such fiduciary to take ¢ any security for the
discharge of such debts or liabilities, and to give complete
discharges in respect of all or any such calls, debts or liabili-
ties: provided however, that such action on the part of such
fiduciary shall not be taken, and such power of sanction on
the part of such court shall not be exercised except and until
the consent thereto in writing of a majority in number and
value of the creditors of such company whose claims under
a general order of the court for the proof of debts have been
submitted to and approved by one of its commissioners, shall
first be had and filed in the suit: and provided further, that
nothing herein contained shall in any manner affect any
compromises or settlements that may have been made in any
pending suit, or the rights and equities of parties thereto, but
the same shall be and remain as if this act had not been
passed: and provided further, that any compounding and
compromise that may be made under this act with any person
claimed to be indebted or liable as aforesaid to such company,
shall not in any manner impair the liability of any other
person to the company or its creditors on account of the con-
tract or other cause of liability, but the amount so received
on such settlement shall be credited on the same, except when
the contract or other cause of liability is joint, in which case
it shall be credited with the full share of the party released ;
and nothing herein contained shall affect or impair the right
of indemnity or of contribution between any parties.
2. This act shall be in force from its passage.