When any assignee becomes satisfied that it is no longer advantageous to the creditors of his assignor to keep the assignment open, he may apply to the district court for a discharge from his trust, upon a notice of his intention to make such application, stating the time thereof, which notice shall be published in the newspaper aforesaid, for at least four weeks next before such time, at which time he may file his petition in said court for such discharge; which petition, verified by his affidavit, shall set forth the disposition made of the assets of the assignment to him; what portion of them remains on hand, and their condition; the amount realized from the assets; the particular disposition of such amount; the demands allowed particularly, with their respective amounts, and owners' names, and the sums paid on each, with an offer to deliver into the charge of the court what remains of the assets, and the evidence thereof, and accompanied by all vouchers therewith connected.

History: Laws 1889, ch. 71, § 39; C.L. 1897, § 2865; Code 1915, § 321; C.S. 1929, § 7-148; 1941 Comp., § 23-148; 1953 Comp., § 27-1-48.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Cross references. — For publication of notice, see 14-11-1 to 14-11-3, 14-11-13 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Assignments for Benefit of Creditors §§ 50, 51, 53, 54, 66, 88.

Debtor's transfer of assets to representative of creditors as effectuating release of unsecured claims, in absence of express agreement to that effect, 8 A.L.R.3d 903.

6A C.J.S. Assignments for Benefit of Creditors §§ 112 to 126, 172.