Pennsylvania Act 1850-402 — ASSIGNMENT FOR BENEFIT OF CREDITORS - DEBT TO STATE

Act text

ASSIGNMENT FOR BENEFIT OF CREDITORS - DEBT TO STATE
                  Act of May 6, 1850, P.L. 698, No. 402               Cl. 39
                                  AN ACT

     For the relief of Martha Taylor, widow of Thomas Taylor, a
        soldier of the Revolutionary war; to incorporate the
        Allegheny and Manchester plank road company; and relative to
        trusts.

        Section 6.  In cases of persons indebted to Commonwealth,
     State Treasurer may suspend execution
        In all cases where any trust or security for the general
     benefit of creditors of any person indebted to the Commonwealth,
     or for the specific benefit of the Commonwealth, in respect to
     any debt or accountability of any such person, shall have been
     or shall be in good faith created, it shall be lawful for the
     State Treasurer, with the approbation of the Auditor General, at
     their discretion, to suspend proceedings by execution for the
     collection of such debt or accountability, while such trust is
     in the due course and progress of fulfillment, and when the
     Commonwealth shall have any lien upon property real or personal,
     for any such debt or accountability, to release any such estate
     real or personal that may from time to time be sold in the due
     execution of such trust, upon payment of the entire net
     proceeds, if such sale or sales to the Commonwealth on account
     of such debt or accountability, or upon due application of the
     same, in or towards the payment of any admitted prior
     incumbrances thereon: provided, that at least fifteen days'
     notice of such sale shall be given to the Auditor General or
     State Treasurer by the said trustee or trustees.  1850, May 6,
     P.L. 698, Sec. 6.