An assignee shall file with the clerk of the district court of the county in which the deed of assignment is recorded a true and complete inventory and valuation of the property of the assignor, under oath, so far as the property has come to the assignee's knowledge, within six days after the date of the filing of the deed of assignment. The assignee shall also make and file a bond to the state for the use of the creditors in double the amount of the inventory and valuation, with sureties to be approved by the clerk for the faithful performance of the trust and for a full and complete accounting of all property that may come into the assignee's possession. The assignee shall not sell or dispose of, or convert to the purposes of the trust, any part of the estate until the assignee has complied with this section.
Source: L. 1897: p. 95, § 6. R.S. 08: § 179. C.L. § 6246. CSA: C. 12, § 6. CRS 53: § 11-1-6. C.R.S. 1963: § 11-1-6. L. 64: p. 206, § 8. L. 2026: Entire section amended, (HB 26-1426), ch. 334, p. 2008, § 44, effective August 12.
ANNOTATION
The assignee after filing his bond, etc., as required by this section thereupon becomes an officer of the court. Flint v. Powell, 10 Colo. App. 66, 50 P. 45 (1897).
When the assignee does not file the inventory he is not an assignee and the deed to him is void. Kinney v. Yoelin Bros. Mercantile Co., 76 Colo. 136, 230 P. 127 (1924).
The assignee then becomes a mere agent with authority to sell, and his possession and acts are the possession and acts of his principal. Kinney v. Yoelin Bros. Mercantile Co., 76 Colo. 136, 230 P. 127 (1924).
Nonetheless, assignment is act of bankruptcy though assignee does not qualify. The fact that an assignee never qualified under the assignment or gave a bond as required by this section does not prevent the general assignment from being an act of bankruptcy. Moore v. Yampa Mercantile Co., 287 F. 629 (8th Cir. 1923).