426.400. Court may order assignee to compromise debts, when and how. - Missouri Statutes

Court may order assignee to compromise debts, when and how.

426.400. 1. Whenever it may appear for the best interest ofthe estate assigned, the court, or judge thereof in vacation, maymake an order directing the assignee to sell, compound orcompromise all bad or doubtful debts upon such terms andconditions as appear proper and most beneficial to the estate;and in like manner the court, or judge thereof in vacation, maymake an order directing the assignee to release and discharge anyvested, contingent or possible right or interest in or to anyestate or effects assigned, upon such terms and conditions as thecourt, or judge thereof in vacation, may deem proper and just forthe best interest of the estate.

2. The assignee shall report his proceedings under thissection to the court at its first term, and within the firstthree days thereof after such proceedings, for approval orrejection, and for such further and other orders as may be deemedproper; provided, any creditor may appear and file his objectionsto such report within three days after the filing of the report,if the term shall so long continue, if not, within such time asthe court may direct, and such objections shall be heard anddetermined without delay, and nothing in this section authorizedto be done by the assignee shall be final until the approval ofthe court as herein provided; and provided further, that theassignee, before procuring said order, shall give such notice ofhis application therefor as the court or judge thereof invacation may direct.

(RSMo 1939 § 5778)

Prior revisions: 1929 § 5668; 1919 § 664; 1909 § 937