§ 6-10-154 — Disposition of property when no market

When any difficulty is
encountered by the assignee in converting the assigned property of any
assignment, or any part thereof, into cash on account of there being no sufficient
market therefor, or for any other good reason, the court may direct by such order as
described in section 6-10-153 the distribution of such property in kind among the
creditors electing to take property. Creditors not electing to take property shall be
paid an equal pro rata in cash, fixing by appraisement or sworn evidence in courts
such price or value upon each piece, parcel, or item of property as shall make it
bear and pay its proportion of the entire indebtedness of the estate, and as shall be
just and equitable between the assignor and the creditors and all persons
interested in the assigned estate. When the court authorizes the assignee to
exchange such property in payment of the proved indebtedness of the estate at the
prices so fixed, and when, in the opinion of the court, the best interests of the
estate are promoted thereby, it may order the assignee to first offer such property
at public auction; and, in that case, it shall provide by its order the kind and form of
notice to be given of such sale. The assignee at such sale shall offer and sell the
property to the highest and best bidder therefor in proved accounts against the
estate, and he shall not accept any bid lower than the price fixed by the court on
the property so offered.

Legislative History

Source: L. 1897: p. 112, � 2. R.S. 08: � 227. C.L. � 6294. CSA: C. 12, � 54. CRS 53: � 11-1-55. C.R.S. 1963: � 11-1-55.