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Petitioning Creditors Bond

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When a petition is filed to have a person declared bankrupt and application is made to have a receiver or a marshal take charge of the property of the alleged bankrupt prior to the hearing, the petitioners are required to purchase a bond to indemnify the alleged bankrupt for such costs, counsel fees, expenses, and damages as may be occasioned by such seizure, in case the petition be dismissed or withdrawn by the petitioners.

 

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