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Act No. 1956 Section 47

Section 47

SEC. 47. Preparatory to the settlement of the estate, the assignee shall file his final account in the court, accompanying the same with an affidavit that a notice by registered mail has been given to all creditors who have proved their claim, that he will apply for a settlement of his account and for a discharge from all liability as assignee at a time specified in such notice which time shall not less than two or more than eight weeks from such filing. At the hearing the court shall audit the account, and any person interested may appear and life exceptions in writing and contest the same. The court thereupon shall settle the account, and order a dividend of any portion of the estate, if any, remaining undistributed, and shall discharge the assignee, subject to compliance with the order of the court, from all liability as assignee to any creditor of the insolvent.

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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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