Section 18

Section 18. The assignee or receiver within one year after his appointment, unless the court upon cause shown shall extend the time, shall collect all the moneys due to the insolvent; shall sell at public or private sale all the stocks, bonds, mortgages, evidences of debt and other like property of the insolvent, and shall sell at public sale the real and other personal property of the insolvent, unless upon cause shown the court shall authorize a private sale. After the expiration of that time the court may, upon cause shown, authorize a public or private sale of all the assets, of whatever kind or character the same may be and wherever situate. All sales shall be for cash unless the court shall otherwise authorize. The purchaser from the assignee or receiver may maintain any action, regarding the property purchased, in his own name, or continue any action already brought to his use, with the same rights and to the same effect as the assignee or receiver might or could do, but shall be liable for all costs accrued and to accrue in case of an unsuccessful issue.