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The district court shall have supervision of all proceedings under this chapter. On petition of
a creditor, the court, in its discretion, may, from time to time, require the assignee to render an
account, and to file a report of the assignee's proceedings and of the condition of the trust estate,
and may order distribution thereof. For cause shown, it may, in its discretion, remove the assignee,
and appoint another instead, who shall give bond as the court may direct; and the order of removal
and appointment shall, in terms, transfer all the trust estate to the new assignee, and may be
recorded with the county recorder of any county wherein any land affected by the assignment is
situated. Upon removal of an assignee, the court may require the removed assignee to deliver
to the new assignee all property, books of account, and vouchers belonging to the trust estate,
to execute all necessary transfers, and to render an account and report of all matters connected
therewith. When the assignee has complied with all the orders of the court, and when any assignee
has completed the trust, the assignee may apply to the court for discharge, first giving three
weeks' published notice of such application; the last publication to be not more than three weeks
prior to the hearing thereon. If upon the hearing the court is satisfied that the assignee is entitled
to such discharge, it shall so order; but, if in its opinion anything remains to be done by the
assignee, it shall require the performance thereof before making such order. A discharge shall not
be refused because of any failure of the assignee to comply with the forms of law, if no damage
has thereby resulted to any person. The order shall have the effect of discharging the assignee and
the assignee's sureties from all further responsibilities in respect to the trust. When the trust estate
is taken out of the hands of the assignee by proceedings in bankruptcy in the federal court, the
assignee may be discharged upon showing that the assignee has fully accounted with the trustee in
bankruptcy, and turned over the whole trust estate to the trustee in bankruptcy. When the trust
estate is taken out of the hands of the assignee by legal proceedings in any court, or the assignment
is declared void as to creditors, or for any reason the further administration of the trust is rendered
impracticable, inadvisable, or nugatory, the assignee shall in like manner be discharged.
History: (9791) RL s 4620; 1976 c 181 s 2; 1986 c 444; 2005 c 4 s 143